All news with #bitcoin tag

Bitcoin Queen Sentenced to Nearly 12 Years for £5.5B Scam

🔒 Zhimin Qian, dubbed the "Bitcoin Queen," was sentenced in London to 11 years and eight months after a seven-year Met Police investigation found she laundered proceeds from a £5.5 billion cryptocurrency investment scheme that defrauded more than 128,000 victims in China between 2014 and 2017. Investigators seized 61,000 Bitcoin — now valued at roughly £5.5 billion — marking the largest crypto seizure in UK history. Two associates received prison terms and authorities confiscated additional assets including wallets, encrypted devices, cash, and gold.

UK Police Seize £5.5B in Bitcoin Linked to Fraud Scheme

💰 British authorities have seized £5.5 billion (about $7.39 billion) in cryptocurrency — approximately 61,000 Bitcoin — from the London home of Zhimin Qian (aka Yadi Zhang), who pleaded guilty to acquiring and possessing criminal property. The Metropolitan Police say the seizure, uncovered after a probe opened in 2018, is believed to be the largest such confiscation worldwide. Qian is accused of running a large-scale fraud in China from 2014–2017 that targeted more than 128,000 mostly older victims and converted proceeds into Bitcoin before fleeing to the U.K. A co-conspirator, Jian Wen, was previously jailed and ordered to repay millions.

UK Convicts 'Bitcoin Queen' in £5.5B Cryptocurrency Seizure

🚨 The Metropolitan Police secured a conviction in what is believed to be the world's largest cryptocurrency seizure after Zhimin Qian (aka Yadi Zhang) pleaded guilty to acquiring and possessing criminal property under the Proceeds of Crime Act. Investigators say Qian ran a multibillion-yuan fraud in China that targeted over 128,000 victims and raised roughly 40 billion yuan before converting proceeds to Bitcoin. The Met seized 61,000 BTC, now valued at approximately £5.5 billion, following a cross-border probe and cooperation with Chinese authorities. An associate involved in laundering attempts was previously sentenced for their role.