Chinese Woman Convicted in UK After 'World's Biggest' Bitcoin Seizure
A Chinese national, Zhimin Qian, also known as Yadi Zhang, has been convicted of illegally acquiring and possessing cryptocurrency worth over $5 billion (6.7 billion) in current prices. According to the Metropolitan Police, this is believed to be the single largest cryptocurrency seizure in the world.
Qian pleaded guilty on Monday at Southwark Crown Court, marking a significant milestone in an international fraud investigation that has been ongoing for months. The police recovered 61,000 bitcoin as part of the investigation, which was initiated after suspicions were raised about the suspicious transactions.
A second person, Malaysian national Seng Hok Ling, appeared in court on Tuesday and admitted to their role in the scheme. According to the Metropolitan Police, both individuals are accused of laundering millions of dollars through cryptocurrency exchanges.
The seizure is a significant blow to the cryptocurrency market, which has been plagued by concerns over money laundering and illicit activities. "This case highlights the importance of international cooperation in tackling financial crime," said a spokesperson for the Metropolitan Police.
Experts say that the sheer scale of the seizure is unprecedented. "We've never seen anything like this before," said Dr. Emma Taylor, a cryptocurrency expert at the University of London. "The fact that they were able to launder such large amounts of money through cryptocurrency exchanges raises serious questions about the security and regulation of these platforms."
The investigation is ongoing, with authorities working closely with international partners to track down other individuals involved in the scheme. According to the Metropolitan Police, the recovered bitcoin will be frozen until further notice.
In a statement, the police said: "We are committed to protecting the public from financial crime and will continue to work tirelessly to bring those responsible to justice."
The conviction marks a significant victory for law enforcement agencies, which have been working to combat cryptocurrency-related crimes. As the use of cryptocurrencies continues to grow, authorities are stepping up efforts to regulate and monitor these transactions.
The case is set to continue in court next month, with Qian and Ling facing further charges related to their alleged involvement in the scheme.
This story was compiled from reports by BBC World and BBC Technology.
