Chinese Woman Convicted in UK After 'World's Biggest' Bitcoin Seizure
A 47-year-old Chinese national, Zhimin Qian, also known as Yadi Zhang, was convicted on Monday at Southwark Crown Court, London of playing a key role in what is believed to be the single largest cryptocurrency seizure in the world. According to the Metropolitan Police, Qian pleaded guilty to illegally acquiring and possessing over $5 billion worth of bitcoin.
The conviction follows a seven-year probe into Qian's activities, which began in 2014 and involved cheating more than 128,000 victims in China. The stolen funds were stored in bitcoin assets, making it one of the largest cryptocurrency seizures in history. "This was a complex and challenging investigation that required significant resources and expertise," said a Metropolitan Police spokesperson.
Qian's scam operated between 2014 and 2017, with the majority of the victims being ordinary citizens who invested in fake investment schemes. According to the police statement, Qian used the stolen funds to purchase large amounts of bitcoin, which were then stored in various digital wallets.
The conviction marks a significant milestone for law enforcement agencies worldwide, who have been struggling to tackle cryptocurrency-related crimes. "This case highlights the importance of international cooperation and information sharing in combating cybercrime," said an expert from the cybersecurity firm, Chainalysis.
Qian's guilty plea is seen as a major victory for the Metropolitan Police, which has been working closely with international partners to track down Qian and recover the stolen funds. According to the police, the investigation involved collaboration with law enforcement agencies in China, the US, and other countries.
The case against Qian is ongoing, with sentencing scheduled for a later date. The conviction serves as a warning to individuals and organizations engaging in cryptocurrency-related crimes, highlighting the risks of being caught and prosecuted by law enforcement agencies.
As the use of cryptocurrencies continues to grow, law enforcement agencies are becoming increasingly sophisticated in their ability to track and prosecute cryptocurrency-related crimes. This case demonstrates the importance of international cooperation and information sharing in combating cybercrime and protecting investors from scams.
Attribution:
Metropolitan Police statement
Chainalysis expert
BBC Technology and BBC Business reports
This story was compiled from reports by BBC Technology and BBC Business.
