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Zhimin Qian, known as the "Bitcoin Queen," was sentenced in London to 11 years and eight months in prison for laundering $7.3 billion in Bitcoin, proceeds from a massive cryptocurrency investment scam that defrauded over 128,000 victims in China between 2014 and 2017. The Metropolitan Police's Economic Crime team led a seven-year investigation that culminated in the largest cryptocurrency seizure in UK history, confiscating 61,000 Bitcoin (worth approximately £5.5 billion) from Qian's London residence. Qian, who operated under the alias Yadi Zhang, lured victims with promises of high returns, converted the illicit proceeds into Bitcoin, and attempted to launder the funds by purchasing property in the UK with the help of accomplices.
The case also resulted in the conviction of other members of the fraud ring, including Jian Wen and Seng Hok Ling, who assisted in moving and laundering the stolen cryptocurrency. The scale of the operation and the size of the Bitcoin seizure surpassed previous records, including the US Department of Justice's 2022 confiscation related to the Bitfinex hack. The sentencing highlights the international reach of cryptocurrency-based financial crimes and the growing capability of law enforcement agencies to track, seize, and prosecute illicit digital assets across borders.
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By the time of the sentencing coverage, reports said law enforcement had wrapped up a seven-year chase tied to the Bitcoin Queen case. This marked the culmination of the long-running UK investigation into the laundering operation.
A UK court sentenced Zhimin Qian, the "Bitcoin Queen," to 11 years in prison for laundering billions in proceeds from a crypto fraud scheme. Multiple outlets reported the sentence as involving roughly $5.6 billion to $7.3 billion in illicit funds, reflecting different currency conversions and valuations.
Zhimin Qian, known as the "Bitcoin Queen," was found to have laundered proceeds from a massive cryptocurrency investment fraud valued at about £5 billion ($7.3 billion). The case involved illicit funds moved through crypto over a prolonged period before UK authorities completed their investigation.
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Zhimin Qian, a 47-year-old Chinese national also known as Yadi Zhang, was convicted in the United Kingdom for orchestrating a massive fraudulent investment scheme in China and laundering the proceeds through cryptocurrency. Between 2014 and 2017, Qian ran a company in China that promised investors extraordinary returns of up to 300%, ultimately defrauding more than 128,000 victims and raising approximately 40 billion yuan. The majority of victims were individuals aged between 50 and 75, who were lured by false promises of daily dividends and guaranteed profits. When the scheme collapsed, Qian converted the illicit proceeds into Bitcoin and fled China using false documents, entering the UK in 2018. Upon her arrival, she attempted to launder the funds by purchasing luxury properties and running businesses with the assistance of Jian Wen, who was later convicted and sentenced to over six years in prison for her role. In October 2018, the Metropolitan Police, acting on intelligence about the movement of stolen cryptocurrency, raided Qian’s London residence and seized 61,000 Bitcoin, which was then worth hundreds of millions of pounds and has since appreciated to over £5.5 billion ($7.3 billion), making it the largest cryptocurrency seizure in history. The investigation, which spanned seven years and involved cooperation with Chinese law enforcement and the UK’s National Crime Agency, required the review of thousands of documents and evidence from multiple jurisdictions. Qian pleaded guilty at Southwark Crown Court to acquiring and possessing criminal property under the Proceeds of Crime Act. The case is considered a landmark in both the scale of the fraud and the value of the assets recovered. Authorities highlighted the complexity of the investigation, which included tracking the movement of cryptocurrency wallets and unraveling the laundering process. The UK government is now engaged in negotiations regarding the disposition of the seized funds, with Chinese victims seeking restitution. The conviction underscores the growing use of cryptocurrency in large-scale financial crimes and the challenges faced by law enforcement in tracing and recovering digital assets. The Metropolitan Police emphasized their commitment to pursuing justice for the thousands of victims and to disrupting the use of the UK as a haven for laundering proceeds of international fraud. The case also demonstrates the importance of international cooperation in tackling transnational cyber-enabled financial crime. Qian’s sentencing is pending, and the outcome is expected to set a precedent for future cases involving cryptocurrency and cross-border fraud.
Jun 29, 2026
Federal authorities in the United States and United Kingdom have executed a historic crackdown on the Prince Group, a transnational criminal organization based in Cambodia, resulting in the seizure of approximately 127,271 Bitcoin, valued at around $15 billion. This operation marks the largest cryptocurrency seizure in U.S. history and is part of a coordinated effort to dismantle one of the most prolific cyber-enabled financial fraud and human trafficking networks in the world. The Prince Group, led by Chen Zhi, also known as Vincent, has been accused of orchestrating widespread 'pig butchering' scams—sophisticated investment frauds that lure victims through social media, dating sites, and messaging apps, ultimately convincing them to invest in fraudulent cryptocurrency schemes. Victims' funds were systematically stolen and laundered through a complex web of over 100 shell and holding companies spanning more than 30 countries. The criminal enterprise relied heavily on human trafficking, forcibly recruiting and detaining thousands of individuals in heavily guarded compounds in Cambodia, where they were compelled to perpetrate scams under threat of violence. These compounds were described as modern-day slavery camps, featuring high walls, barbed wire, and harsh living conditions. The Prince Group also operated automated call centers, utilizing millions of phone numbers to facilitate their fraudulent activities on a global scale. Chen Zhi, the alleged mastermind, remains at large and is the subject of an international manhunt, with the FBI seeking information on his whereabouts. He faces up to 40 years in prison if apprehended and convicted. The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) has imposed financial sanctions on 146 individuals and entities associated with the Prince Group, aiming to disrupt the organization’s financial infrastructure. The group’s operations have been ongoing since at least 2015, with law enforcement agencies noting the use of advanced cryptocurrency laundering techniques such as 'spraying' and 'funneling' to obscure the origins of illicit funds. Chen Zhi is also accused of bribing public officials to evade law enforcement scrutiny and maintain the group’s operations. The crackdown is being hailed as one of the most significant actions ever taken against cyber-enabled financial fraud and human trafficking, with officials emphasizing the global reach and devastating impact of the Prince Group’s activities. The seizure and sanctions are expected to significantly disrupt the group’s ability to operate and send a strong message to other cybercriminal organizations. Authorities continue to investigate the full extent of the Prince Group’s network and are working with international partners to identify additional victims and perpetrators. The operation underscores the growing intersection of cybercrime, cryptocurrency, and human trafficking, highlighting the need for continued vigilance and international cooperation. The Prince Group’s public-facing business activities in Cambodia masked its extensive criminal enterprise, which has now been exposed through this landmark law enforcement action. The case serves as a warning to other criminal organizations leveraging technology and human exploitation for financial gain. The Justice Department and its partners remain committed to pursuing those responsible and providing support to the victims of these crimes.
Jun 29, 2026
U.S. prosecutors and courts advanced multiple cases tied to large-scale cryptocurrency fraud and laundering operations that targeted American victims through fake trading platforms and social-engineering lures. In one California case, **Jingliang Su**, a Chinese national, was sentenced to 46 months in prison after admitting he helped launder more than **$36.9 million** stolen from 174 victims by a scam network operating from Cambodia; the court also ordered more than **$26.8 million** in restitution. Authorities said the fraud used unsolicited messages, calls, texts, dating platforms, and bogus crypto-investment websites to persuade victims to transfer funds, which were then routed through U.S. shell companies, bank accounts, Deltec Bank in the Bahamas, and **Tether (`USDT`) wallets** controlled abroad. In a related prosecution, **Daren Li**, a dual citizen of China and St. Kitts and Nevis, pleaded guilty to conspiracy to commit money laundering after authorities said he and co-conspirators moved more than **$73 million** in victim proceeds through shell companies, U.S. financial accounts, wire transfers, and conversion into `USDT`; he was later sentenced to **20 years in federal prison**. The cases form part of a broader Justice Department crackdown on transnational crypto-enabled investment scams and money-laundering networks, with officials reporting that multiple co-conspirators have pleaded guilty and that the U.S. Secret Service played a central investigative role.
Jun 29, 2026