A Chinese national has pleaded guilty in a U.K. Crown Court for her role in a massive 5.1 billion pound ($6.9 billion) bitcoin fraud scheme. Zhimin Qian, 47, was convicted for acquiring and possessing criminal property in the form of cryptocurrency, the Metropolitan Police announced Monday.
Qian, also known as Yadi Zhang, defrauded more than 128,000 victims in China between 2014 and 2017. She subsequently converted her proceeds into bitcoin and fled to the U.K., according to police. Qian attempted to launder the cryptocurrency by purchasing property with assistance from Jian Wen, 42, who was sentenced to six years and eight months in prison for her role in the operation last year.
The Metropolitan Police described the seizure of 61,000 bitcoin as what is believed to be the single largest cryptocurrency seizure in the world. Reports earlier this year suggested the U.K. government may sell the seized bitcoin, similar to actions taken by German authorities last year that created significant selling pressure on bitcoin’s price.
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