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A Chinese National has pleaded guilty to illegally acquiring and possessing Bitcoin. The convicted person’s name is Zhimin Qian, also known as Yadi Zhang. This news has shocked the cryptocurrency world because Qian played a key role in the world’s largest Bitcoin seizure, valued at over £5 Billion ($6.7bn).
Many trusted sources have reported that it is the largest Bitcoin-related fraud and seizure to date. The revealed figures show Yadi Zhang cheated 128,000 victims to raise around ¥43 billion RMB. That’s equivalent to $6.7 Billion.
When compared with the US government’s Silk Road seizures, Qian defrauded a much larger amount of money. It appears that this Bitcoin seizure by the UK Police is the largest in the history of Bitcoin-related fraud.
The UK Police Seized 61K Bitcoin from Devices Tied to the Chinese National
The 47-year-old perpetrator cheated over 128,000 people between 2014 and 2017. She took advantage of the growing popularity of cryptocurrencies and converted stolen funds into Bitcoin.
The United Kingdom police seized more than 61 thousand Bitcoin from Qian’s devices. The total value of seized Bitcoin today is more than $6.7 Billion. There is no other Bitcoin-linked fraud case in which the authorities have seized such a large number of Bitcoin.
The UK police initiated the investigation in 2018 after receiving a tip regarding the transfer of Chinese assets. Qian was able to evade justice for five years due to the complexity of the investigation.
The Metropolitan Police revealed that the Chinese national used forged documents to flee China and enter the UK. Here, she tried to buy property to launder the victim’s stolen funds.
How Qian Carried Out the Lantian Gerui Fraud?
The Chinese woman operated the Tianjin Lantian Gerui Electronic Technology Co. Ltd. She disguised her firm under themes, such as technology, smart elderly care, wealth management, etc. and promoted high-yield investment products with guaranteed returns of 100%-300%.
Qian raised around ¥43 billion RMB (almost $6–7 Billion) from more than 128,000 unsuspecting victims. Most of the investors thought it was a “no risk” – high return investment.
The Chinese government banned cryptocurrencies and ICOs in 2017, and that’s when Qian’s scheme collapsed. She sourced a false passport and used her aliases (e.g., Yadi Zhang) to flee the country.
Qian entered the UK in 2017, and by that time, she may have converted most of the stolen money into Bitcoin. She was seeking ways to launder funds and enlisted the help of her confidante, Jian Wen.
The UK Police raided a property linked to Jian Wen and Qian and found all those devices containing thousands of Bitcoin. The police seized all the Bitcoin Qian owned, and it became one of the largest seizures in law enforcement history.
Qian Wishes to Comfort Victims by Pleading Guilty
Roger Sahota, the solicitor for the Chinese national, stated that she wishes to comfort investors by pleading guilty. The victims have been waiting for compensation since 2017. The seized Bitcoin have grown in value, so there are more than enough funds to compensate the victims – Qian’s solicitor.
Qian’s confidante, Jian Wen, has been jailed for 6 years and 8 months for accompanying the mastermind in this Bitcoin-related scam. The police seized Bitcoin worth more than £300 Million from her.
The investigation is not yet complete. Qian is in custody, waiting for the sentencing date. Her victims have received some compensation, as per the Crown Prosecution Service (CPS). The police have also ensured that the Chinese national won’t hold any of the stolen funds.
