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A Chinese national has been found guilty of orchestrating a major role in what is believed to be the largest cryptocurrency seizure globally, valued at more than £5.5bn ($7.4bn). Zhimin Qian, also known as Yadi Zhang, confessed in Southwark Crown Court, London on Monday to unlawfully obtaining and holding the cryptocurrency.
According to the Metropolitan Police, from 2014 to 2017, Qian masterminded a large-scale scam in China that defrauded over 128,000 individuals and stored the embezzled funds in bitcoin assets. The Met revealed that the 47-year-old’s admission of guilt came after a thorough seven-year investigation into an international money laundering network.
Detective Sergeant Isabella Grotto, who spearheaded the Met’s probe, noted that Qian had been on the run for five years before her capture. She used counterfeit documents to flee China and entered the UK, where she tried to launder the stolen money by purchasing real estate. Additionally, Qian collaborated with another Chinese national, Jian Wen, who was imprisoned last year for her involvement in the illicit scheme.
Deputy Chief Crown Prosecutor for the Crown Prosecution Service, Robin Weyell, highlighted the escalating use of bitcoin and other cryptocurrencies by organized criminals to conceal and transfer illicit assets. He emphasized that the case involving the UK’s largest cryptocurrency confiscation underscores the substantial criminal proceeds available to fraudsters. The Met’s Head of Economic and Cybercrime Command, Will Lyne, commended the collaborative effort between British and Chinese law enforcement in bringing about Monday’s conviction, calling it the result of years of diligent investigation
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