Chinese National Pleads Guilty in £6.9B Cryptocurrency Fraud Case
Chinese national Zhimin Qian has pleaded guilty in a London court for orchestrating a massive fraudulent investment scheme. Qian, who fled China using a fake passport, was arrested in the UK in 2018. The scheme, run through Tianjin Lantian Gerui Electronic Technology, defrauded over 128,000 victims between 2014 and 2017, promising returns of nearly 300 percent.
Qian's trial was expected to span weeks but concluded swiftly with her guilty plea. She admitted to acquiring and possessing criminal property, with the seized funds amounting to a staggering 61,000 bitcoin, currently valued at approximately $6.9 billion. This seizure is believed to be the largest of its kind involving cryptocurrency worldwide.
Qian's co-conspirator, Jian Wen, was previously convicted for his role in the scheme and sentenced to over six years in prison. Following Qian's guilty plea, negotiations are ongoing between the UK government and Chinese investors regarding the return of the stolen funds.
Zhimin Qian's guilty plea brings closure to a complex international fraud case. The seized bitcoin, worth billions, awaits resolution as negotiations continue. Qian's scheme, which defrauded tens of thousands of victims, underscores the importance of vigilance in investment decisions.
