Chinese National At Center Of Historic $6.7B Crypto Bust Pleads Guilty

A Chinese national, “Zhimin Qian” (also known as “Yadi Zhang”), has pleaded guilty in London to offences linked to what authorities call one of the largest cryptocurrency seizures on record.

According to court records, she admitted two counts under the Proceeds of Crime Act for acquiring and possessing criminal property in the form of bitcoin at Southwark Crown Court.

Huge Seizure Found In A Hampstead Property

Based on reports, police found devices holding about 61,000 BTC during a 2018 search of a hampstead home, a haul now valued at roughly £5 billion (about $6.7 billion).

That cache has been described by investigators as one of the biggest single crypto seizures ever.

Investigators say the case traces back to an investment scheme run in China between 2014 and 2017. Reports have disclosed that more than 128,000 people were cheated out of money that was later converted into bitcoin.

Qian is accused of moving those proceeds into crypto and then trying to hide them overseas.

Company Claims And Alleged Promises

According to court filings and reporting, Qian ran a company called Tianjin Lantian Gerui Electronic Technology, which promised very high returns — figures as large as 300% were used in promotional material — and claimed involvement in mining and other crypto activities. Authorities say investors’ cash was routed into exchanges and swapped for bitcoin.

The Metropolitan Police say Qian was charged after a long, cross-border probe and has been remanded in custody ahead of sentencing and further recovery hearings.

Civil recovery steps are also under way to try to return assets to victims. The police listed offences of acquiring and possessing criminal property in their statement about the case.

Reports note that an associate, “Jian Wen”, was earlier convicted in relation to parts of the scheme and received a prison term of almost seven years for laundering some of the proceeds.

Authorities also say properties tied to the investigation were seized abroad, including in Dubai, as investigators followed funds around the world.

Sentencing dates have not yet been set and Qian remains in custody. Court testimony and evidence presented in London are expected to include material from overseas agencies and witnesses, with victims in China due to give accounts remotely.

The case is likely to be used as an example of how law enforcement can track and seize large crypto holdings across borders.

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