Overview

• Qian admitted at Southwark Crown Court to acquiring and possessing criminal property under the Proceeds of Crime Act and was remanded pending sentencing.
• The Metropolitan Police seized 61,000 Bitcoin in what they say is the world’s largest cryptocurrency seizure, valued at just over £5 billion at recent prices.
• Investigators say the crypto is linked to a 2014–2017 investment fraud in China that affected about 128,000 people, after which Qian entered the UK using false documents and attempted to launder funds via property purchases.
• Prosecutors confirmed no confiscation application will be made in the criminal case because the assets are before the High Court, where a property-freezing order from December 2023 continues to apply.
• Chinese authorities and alleged victims are pursuing claims to the assets as UK investigators highlight extensive cooperation with Chinese law enforcement; Qian’s associate Jian Wen was convicted in 2024 and jailed for six years and eight months.