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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.
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A second defendant characterized as a Bitcoin fixer was convicted for her role in the money-laundering scheme tied to the seized cryptocurrency. Later coverage reported the pair's convictions as part of the same UK prosecution.
A Chinese national described in coverage as the main fraudster or "Bitcoin Queen" pleaded guilty in a UK court in connection with the £5.5 billion Bitcoin fraud and laundering case. Multiple outlets reported the plea as a major development following the record seizure.
UK authorities seized roughly £5.5 billion in Bitcoin linked to a large fraud and money-laundering operation, described across reports as the world's largest cryptocurrency seizure. The seizure became the central law-enforcement action in the case against the accused Chinese nationals.
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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.
Jun 29, 2026
US authorities, in collaboration with their UK counterparts, executed a historic seizure of nearly 130,000 bitcoins, valued at approximately $15 billion, from a criminal organization operating out of Cambodia. This operation marks the largest financial seizure of any kind in US history. The criminal network, known as the Prince Group and led by CEO Chen Zhi (aka Vincent), ran massive scam compounds across Cambodia, Myanmar, and Laos. These compounds were notorious for using forced labor to perpetrate large-scale cryptocurrency investment fraud, commonly referred to as 'pig butchering' scams. Victims were lured into online relationships and convinced to invest in fraudulent crypto schemes, resulting in billions of dollars in losses worldwide. The scam operations were characterized by the use of violence and coercion, with trafficked workers held against their will and forced to conduct online fraud on an industrial scale. The US Department of Justice unsealed an indictment against Chen Zhi and the Prince Group, detailing the extent of the operation and the methods used to launder and store the illicit proceeds. The seized cryptocurrency represents the largest amount ever confiscated in a US law enforcement action, underscoring the global reach and financial impact of the scam. The operation also highlights the growing intersection of human trafficking and cyber-enabled financial crime, as the scam compounds relied on both physical and digital means to exploit victims and evade detection. The investigation revealed that the criminal group targeted victims in the United States and around the world, using sophisticated social engineering tactics to build trust before defrauding them. The seizure was the result of extensive international cooperation and intelligence sharing, reflecting the complexity of dismantling transnational cybercrime networks. Authorities emphasized the importance of disrupting the financial infrastructure of such organizations to deter future operations. The case has drawn attention to the need for increased vigilance and regulatory oversight in the cryptocurrency sector, as digital assets continue to be exploited by organized crime. The Prince Group's operations have been linked to a broader pattern of cyber-enabled fraud and human rights abuses in Southeast Asia. The US government has called for continued international collaboration to combat similar scam networks and to provide support for victims of both financial fraud and human trafficking. The indictment and asset seizure serve as a warning to other criminal enterprises leveraging technology and coercion for illicit gain. The operation is expected to have a significant impact on the global cybercrime landscape, disrupting one of the most prolific scam networks to date. Law enforcement agencies are continuing to pursue leads related to the whereabouts of Chen Zhi and other key figures in the organization. The case underscores the evolving nature of cybercrime, where traditional criminal methods are increasingly intertwined with advanced digital tactics and cross-border operations.
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