Zhimin Qian, who orchestrated a vast Ponzi scheme promising exceptionally high returns to unsuspecting investors, could face up to 14 years in prison. Qian has been on the run since fleeing China in 2017 using forged documents.
Her sentencing in London is set to conclude a case that has spanned multiple countries, devastated thousands of investors, and resulted in the largest Bitcoin seizure in British history. Southwark Crown Court will deliver the ruling over a two-day hearing, with Qian having pleaded guilty in late September. She previously used aliases such as Yadi Zhang and was known as the “goddess of wealth.”
Qian behind UK’s largest crypto seizure
UK authorities allege that Qian played a central role in directing one of the largest crypto-related frauds ever pursued against an individual. She solicited funds from tens of thousands of investors and converted much of the money into Bitcoin to obscure the scope of the theft.
Between 2014 and 2017, the 47-year-old ran an investment operation promising extraordinary returns, primarily targeting senior citizens and middle-aged savers with limited experience in high-risk products. When Chinese authorities closed in on the scheme, Qian fled to the UK using falsified documents and attempted to launder her crypto fortune through luxury property acquisitions and an opulent lifestyle.
One of her accomplices, Jian Wen, was previously arrested and sentenced to more than six years in prison after authorities uncovered Bitcoin wallets linked to the scheme worth billions.
Investigators tracked Qian’s movements through surveillance and financial records, recovering cash, gold, and crypto assets worth millions during coordinated raids. Initially pleading not guilty, Qian later changed her plea as the evidence against her became overwhelming.
Over 61,000 BTC valued at more than $6 billion have been seized from Qian, marking the largest cryptocurrency recovery ever conducted by UK authorities and forming a central element of the case. She faces charges of possessing and transferring criminal property under the UK Proceeds of Crime Act.
