Key Notes
- Zhimin Qian, linked to a massive investment scam in China, has pleaded guilty to money laundering charges in a UK court.
- The case involves the seizure of 61,000 Bitcoin, now valued at over £5 billion, marking one of the largest crypto seizures in the world.
- A new debate is emerging over whether the recovered funds will be returned to 128,000 victims or be retained by the UK government.
Zhimin Qian, the fugitive known as the “Goddess of Wealth,” has pleaded guilty to money laundering in a landmark case at London’s Southwark Crown Court. Qian was the central figure in a large-scale investment fraud that defrauded over 128,000 people in China between 2014 and 2017, converting the illicit gains into a massive stash of Bitcoin.
The conviction is the latest development in a long-running saga that previously saw her associate, Jian Wen, sentenced for her role in the criminal organization.
According to a BBC report, Qian fled China with false documents and entered the UK, where she attempted to clean the stolen money. Her scheme is a stark reminder of the risks within the digital asset space, which range from sophisticated scams to exit events like the Hypervault rug pull.
Details of the £5B Bitcoin Seizure
The scheme originated as a massive investment fraud in China, where Qian cultivated a persona as “the goddess of wealth”. Between 2014 and 2017, she convinced more than 128,000 victims, many of whom were between 50 and 75 years old, to pour their savings into investments she promoted. According to reports, the scam often spread through social networks, with victims being encouraged to invest by their own friends and family members.
The subsequent investigation, led by the Metropolitan Police in cooperation with Chinese authorities, resulted in what is believed to be the world’s largest-ever cryptocurrency seizure. Officers recovered digital wallets containing over 61,000 Bitcoin
BTC
$113 147
24h volatility:
1.0%
Market cap:
$2.26 T
Vol. 24h:
$60.90 B
. At current market prices, the assets are valued at more than £5 billion ($6.7 billion).
The scale of the operation underscores how organized criminals use crypto assets and sophisticated tools like the “ModStealer” malware to obscure the trail of their funds. According to Robin Weyell, the deputy chief Crown prosecutor, organized criminals increasingly use Bitcoin and other cryptocurrencies to hide and move their funds.
Now that Qian has been convicted, the fate of the seized funds has become a point of contention. According to her solicitor, Roger Sahota, Qian hopes to comfort the investors who have waited for compensation since 2017. Sahota also noted that the appreciation of Bitcoin’s value ensures that there are now sufficient funds to repay the victims.
However, reports suggest the UK government may seek to retain the assets. Recent reforms to UK crime legislation have made it easier to seize, freeze, and recover digital assets involved in illicit activities. This development creates uncertainty for the thousands of victims who lost money in the original investment scheme.
Will Lyne, the head of the Met’s Economic and Cybercrime Command, described the conviction as the result of a dedicated, multi-year investigation. The complex probe spanned multiple jurisdictions, showcasing challenges similar to those seen in the recent Coinbase data breach, where insiders and external hackers collaborated. Qian remains in custody and will be sentenced at a later date.
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As a Web3 marketing strategist and former CMO of DuckDAO, Zoran Spirkovski translates complex crypto concepts into compelling narratives that drive growth. With a background in crypto journalism, he excels in developing go-to-market strategies for DeFi, L2, and GameFi projects.
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Source: https://www.coinspeaker.com/bitcoin-goddess-wealth-pleads-guilty/
