Fraudster Behind UK's Largest Bitcoin Seizure Gets 11-Year Jail Sentence

Zhimin Qian has been sentenced to 11 years and eight months in jail for orchestrating a fraudulent pyramid scheme that defrauded over 120,000 Chinese pensioners and resulted in the UK's largest cryptocurrency seizure, which involved 61,000 BTC valued at approximately $6.4 billion. Qian, who fled China in 2017, was arrested in the UK where police uncovered her extensive wealth and seized the criminal gains stored in Bitcoin. Her company, Lantian Gerui, promised lucrative returns from fake health products and crypto investments, deceiving thousands primarily through elaborate marketing events. The sentencing also raises questions about the future of the seized Bitcoin, as both the UK government and victims are claiming rights to the funds, complicating the restitution process. Prosecutors are evaluating how to fairly distribute the seized assets to the defrauded investors, with discussions ongoing about the government's potential plans to keep some of the confiscated cryptocurrencies, positioning them within the country’s financial strategy.

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