Bitcoin News Today: Chinese Pensioners Defrauded in £4.6 Billion Cryptocurrency Pyramid Scheme, Mastermind Receives 11-Year Sentence in Historic UK Trial

Qian Zhimin, a Chinese citizen, has been sentenced in the UK to 11 years and eight months in prison for masterminding a massive Ponzi scheme that deceived more than 128,000 investors in China and funneled the illicit gains into

valued at several billion dollars. This case, which resulted in the confiscation of 61,000 BTC—currently estimated to be worth $5–6 billion—stands as the largest cryptocurrency seizure ever in the UK and ranks among the most intricate financial crime probes ever undertaken by British law enforcement .

Known as Yadi Zhang as well, Qian admitted guilt in September 2025 and was found guilty of money laundering and holding unlawfully acquired cryptocurrency. Judge Sally-Ann Hales at Southwark Crown Court described her as the "mastermind behind the operation from start to finish," stressing that her actions were motivated by "unbridled greed"

. From 2014 to 2017, Qian’s firm, Lantian Gerui, attracted investors by promising lucrative returns from cryptocurrency mining and health technology projects. Prosecutors claim the operation swindled victims out of around £4.6 billion ($6.3 billion), with a large share converted into Bitcoin .

The Metropolitan Police’s Economic and Cybercrime Command led the investigation, uncovering Qian’s extravagant lifestyle after she fled China in 2017 and managed to avoid capture for years. She leased a mansion in Hampstead, London, for £17,000 a month and sought to buy luxury real estate, which drew regulatory attention. Police discovered devices containing 61,000 BTC during a 2020 search of her residence, and Qian was apprehended in April 2024 along with her associate, Senghok Ling from Malaysia. Ling received a four year and 11 month sentence for his role in laundering cryptocurrency

.

The magnitude of the scam and its international reach have attracted significant notice. Will Lyne, who leads the Met’s cybercrime division, described it as "the most valuable money laundering case in UK history"

. Many of the Chinese victims, including numerous retirees, invested their life savings under the impression they were supporting patriotic causes, only to lose everything when payouts stopped. One victim recounted that the scheme manipulated trust by falsely claiming support from Mao Zedong’s son-in-law .

Qian’s capture and sentencing have brought some hope to those defrauded, but the process of recovering assets remains complicated. The UK government is expected to manage any unclaimed assets, raising concerns about how victims will be compensated. Legal professionals point out that it will be difficult for individuals to prove their losses, especially for those who invested through local agents. Meanwhile, documents seized by authorities reveal Qian’s ambitions to create an international bank, purchase a Swedish castle, and even become the "queen" of Liberland, a self-proclaimed European micronation

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This case highlights the increasing difficulties in tracing illegal cryptocurrency transactions. Officials commended the cooperation between UK and Chinese police, though Qian’s use of fake identities and international travel exposed weaknesses in global oversight. With Bitcoin’s price having soared since the fraud began, the confiscated assets now represent a substantial gain for regulators, while victims continue to deal with the consequences of a scam that exploited faith and technological enthusiasm

.