'Goddess of wealth' pleads guilty to world's largest crypto fraud
What's the story
A Chinese national, Zhimin Qian, has pleaded guilty for her role in the world's largest cryptocurrency fraud. The scam involved defrauding over 128,000 people in China and illegally acquiring more than £5 billion ($6.7 billion) worth of cryptocurrency. Qian was convicted at Southwark Crown Court in London after an investigation into a global money laundering network that began in 2018. She is being held in custody ahead of sentencing, with the date yet to be fixed.
Scam details
Qian led a multi-billion dollar scam
Between 2014 and 2017, Qian led a major scam in China, cheating over 128,000 victims. She stored the stolen money in bitcoin assets. The investigation into her activities began in 2018 after a tip-off about the transfer of criminal assets. She had been "evading justice" for five years until her arrest, which involved a complex investigation across several jurisdictions.
Laundering efforts
She laundered the stolen money by buying property
After fleeing China with false documents, Qian entered the UK and tried to launder her stolen money by buying property. She was assisted by Jian Wen, a Chinese takeaway worker who was jailed for six years and eight months last year for her role in the criminal operation. Wen laundered the proceeds from the scam and moved into a "multi-million pound rented house" in North London.
Scheme details
Her scheme promised daily dividends and guaranteed profits
Qian's scheme promised daily dividends and guaranteed profits, capitalizing on the cryptocurrency boom in China. Her company claimed it would make China a global financial and technological hub with projects and investments across the country. Many victims, including business people, bank employees, and judiciary members were reportedly lured into investing by friends and family who knew little about Qian, dubbed "the goddess of wealth." A total of 61,000 bitcoins were seized from Qian.
Criminal use
Case highlights scale of criminal proceeds available to fraudsters
Deputy Chief Crown Prosecutor Robin Weyell said that "Bitcoin and other cryptocurrencies are increasingly being used by organized criminals to disguise and transfer assets." He added that this case, which involves the largest cryptocurrency seizure in the UK, highlights the scale of criminal proceeds available to fraudsters. The investigation into Qian's activities is still ongoing with efforts being made to ensure these fraudsters don't access their stolen funds.