British regulator seizes record amount of bitcoin worth $ 6.7 billion

Chinese citizen Zhiming Qian, also known as Yadi Zhang, pleaded guilty in the case of the world’s largest cryptocurrency seizure, worth $ 6.7 billion. She appeared before Southwark Crown Court in London, where she admitted to illegally receiving and storing tens of thousands of bitcoins BTC $114,861.00 Mezo Wrapped BTC 0.37% Market capitalization $40.55 million VOL. 24 hours $1.68 billion related to a large-scale fraud in China.

According to the London police, in 2014−2017, Qian organized an investment scam that affected more than 128,000 victims. The stolen funds were converted into bitcoin, resulting in the seizure of 61,000 BTC by the British authorities. The scheme was based on the promise of high daily dividends and profits, which attracted both professionals and retirees, often through recommendations from relatives or friends.

The investigation began in 2018 after reports of suspicious transfers of digital assets. Police found out that Qian was trying to launder her illicit proceeds by buying real estate. After several years on the run under an assumed name, she was arrested in the UK. According to Detective Isabella Grotto, it was «a painstaking international investigation that lasted seven years.»

The case also involved her accomplice Jian Wen, a former employee of a Chinese restaurant. She helped launder the money and dramatically changed her lifestyle, moving into a luxury home in North London and purchasing two properties in Dubai worth more than £500,000. Last year, Wen was sentenced to six years and eight months in prison. More than £300 million in bitcoin was seized from her.

Qian is currently in custody awaiting sentencing. The case has become an important milestone in the fight against cryptocurrency-based financial crimes, which British law enforcement officials call a breakthrough.