Overview

• Qian, also known as Yadi Zhang, admitted acquiring and possessing criminal property at Southwark Crown Court on 29 September and was remanded in custody to be sentenced at a later date.
• Metropolitan Police say they recovered about 61,000 Bitcoin, now valued around £5.5 billion, in what they believe is the world’s largest single cryptocurrency seizure.
• Prosecutor Gillian Jones KC told the court she would not seek confiscation at this stage because civil proceedings over ownership are underway in the High Court.
• Authorities say the funds stem from a 2014–2017 investment fraud in China that defrauded roughly 128,000 people; Qian fled using false documents and later tried to launder proceeds via UK property purchases with associate Jian Wen.
• The investigation relied on device forensics, blockchain tracing and cooperation with Chinese law enforcement; Wen was convicted in 2024 of money laundering and jailed for six years and eight months.