Overview

• Qian admitted at Southwark Crown Court to acquiring and possessing criminal property in the form of cryptocurrency and was remanded to await sentencing.
• The Met says it recovered 61,000 Bitcoin between 2018 and 2021 in what it believes is the largest single crypto seizure, now valued at about £5.5 billion.
• Investigators link the holdings to a 2014–2017 investment fraud in China that defrauded more than 128,000 people, after which Qian fled to the UK on false documents and attempted to launder funds via property purchases.
• The UK case centers on money-laundering offences rather than the underlying Chinese fraud, with police citing extensive cooperation with Chinese law enforcement to evidence the assets’ criminal origins.
• Ownership of the seized Bitcoin is before the High Court, prosecutors paused confiscation applications pending that process, and UK media report the Treasury has eyed the assets for public finances while Chinese claimants seek restitution.