Record UK bitcoin haul nets 11-year sentence for Chinese national who lived lavishly on stolen funds

Chinese national Zhimin Qian was sentenced to over 11 years in prison in a London Court, following what prosecutors are calling the largest seizure ever of bitcoin in the UK. 

Qian, who also went by the name Yadi Zhang, was sentenced to 11 years and eight months on Tuesday after pleading guilty to having obtained crypto illegally as well as money laundering. Police say they also seized over 60,000 bitcoins, according to a statement from the Crown Prosecution Service.

As of Tuesday, that would be worth around $6.2 billion. 

“This is currently the largest cryptocurrency seizure by law enforcement in the UK and is the largest money laundering case in UK history by value," said Will Lyne, The Metropolitan Police's head of economic and cybercrime command, in the statement. 

Between 2014 and 2017, prosecutors said Qian ran an investment fraud scheme in China that defrauded about 128,000 people of roughly £600 million, including around £20 million that was converted into bitcoin.

Qian then fled China and went to the UK, where she met Jian Wen. Wen was also previously convicted for money laundering and the pair both began trying to buy multi-million pound properties in London. 

However, they faced challenges in moving bitcoin into cash due to know-your-customer requirements. She then enlisted the help of Senghok Ling to transfer the crypto, prosecutors said.

Qian spent years evading police by sightseeing through Europe and staying in nice hotels, according to reporting from The Guardian. 

Qian was ultimately found in New York, and both she and Ling were arrested in April 2024, according to prosecutors. Ling was sentenced to almost five years after pleading guilty to one count of money laundering. 

“Together, Zhimin Qian and Senghok Ling caused misery upon thousands of victims to fund their lavish lifestyles," said Attorney General Lord Richard Hermer KC, in the statement.