UK Convicts Chinese Crypto Fraudster, Seizes $7.39B in Bitcoin
A Chinese national, Zhimin Qian, has been convicted in the UK for crypto fraud, leading to a massive seizure of cryptocurrency worth approximately $7.39 billion. Qian's accomplice, Jian Wen, received a six-year, eight-month sentence for aiding in the money laundering process. The UK is now in a dispute with China over the seized bitcoin, which London plans to use for budgetary purposes.
Qian, also known as Yadi Zhang, defrauded over 128,000 victims, primarily aged between 50 and 75, in China between 2014 and 2017. He promised high returns on investments, which turned out to be false. Qian admitted to crimes linked to acquiring and holding illicit bitcoin. He converted the fraud proceeds into bitcoin and attempted to launder the funds by buying property in the UK.
In January, a court ordered Wen to repay over £3.1M or face extra prison time. This case has highlighted the scale of illicit bitcoin laundering linked to Qian's massive fraud scheme. The UK's largest bitcoin seizure, worth £5.5B (61,000 bitcoin), was made from Qian.
The UK is now in a legal battle with China over the seized bitcoin fortune, with London counting on the funds to bolster its budget. The case serves as a stark reminder of the potential dangers and illicit activities associated with cryptocurrencies.
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