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Zhimin Qian Jailed for 11 Years, 8 Months in Record U.K. Bitcoin Laundering Case

UK authorities now move to civil court to decide how the seized bitcoin will fund victim compensation.

Overview

  • Southwark Crown Court sentenced the 47-year-old, also known as Yadi Zhang, after she pleaded guilty to possessing and transferring criminal property.
  • Police recovered more than 61,000 bitcoin in the case, a U.K. record haul currently valued at roughly £5 billion to £5.5 billion.
  • Prosecutors said Qian ran the Lantian Gerui Ponzi-style scheme in China between 2014 and 2017, drawing in about 128,000 investors before fleeing on false documents.
  • Co-defendant Seng Hok Ling received four years and 11 months, while associate Jian Wen was jailed last year for six years and eight months.
  • Investigators described extensive cross-border cooperation, including with Chinese authorities, and confirmed civil recovery proceedings are under way to determine restitution.