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1h ago

Zhimin Qian Pleads Guilty in UK Case Tied to £5.5 Billion Bitcoin Seizure

The plea caps a seven-year Met inquiry that used cooperation with Chinese police to trace 61,000 Bitcoin to a vast investment fraud.

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Zhimin Qian, top right, fled to Britain after defrauding investors in China. Jian Wen, a takeaway worker, laundered the proceeds and rented a large house in north London
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Overview

  • Qian admitted at Southwark Crown Court to acquiring and possessing criminal property under the Proceeds of Crime Act.
  • The Met says its seizure of 61,000 Bitcoin is the single largest cryptocurrency seizure in the world, valued at more than £5.5 billion.
  • Investigators say the crypto traced back to a 2014–2017 investment fraud in China that defrauded over 128,000 victims.
  • Qian fled China using false documents and, in 2018, attempted to launder the proceeds in the UK through property purchases.
  • As part of the same probe, Jian Wen was jailed on 22 May 2024 for facilitating the movement of a wallet containing 150 Bitcoin, while Qian’s sentencing is pending.