UK's Largest-Ever Crypto Seizure: "Bitcoin Queen" Sentenced to 11 Years for £5.5 Billion Fraud

A Chinese national known as the “Bitcoin Queen” has been sentenced to 11 years and eight months in a UK prison for her role in laundering Bitcoin from a massive cryptocurrency investment fraud that defrauded over 128,000 investors.¹ The sentencing at Southwark Crown Court on November 11, 2025, follows a seven-year international investigation that led to the largest cryptocurrency seizure in UK history—61,000 Bitcoin valued at approximately £5.5 billion ($7.3 billion) at the time of sentencing.^{1, 4, 5}

Zhimin Qian, also known as Yadi Zhang, masterminded the fraud in China between 2014 and 2017, targeting vulnerable individuals with promises of returns between 100% and 300%. The scheme collapsed after amassing an estimated 40 billion yuan from investors.^{4, 8} Qian subsequently converted the criminal proceeds into Bitcoin and fled to the UK in 2017 using a false identity, where she attempted to launder the funds through property purchases and other assets.¹ The Metropolitan Police’s investigation, launched in 2018, culminated in a raid on her north London home on October 31, 2018, where digital wallets containing the 61,000 Bitcoin were discovered.¹ Qian evaded capture for five years until her arrest in April 2024 alongside an accomplice, Hok Seng Ling.¹

Investigation and Unprecedented Seizure

The scale of the asset seizure is historic, not only for the UK but also globally, surpassing the value of the 2022 U.S. Bitfinex hack seizure.^{1, 5} In addition to the Bitcoin, authorities seized other assets including gold and cash valued at £11 million.¹ The investigation was a collaborative effort involving the Metropolitan Police’s Economic Crime team, the Crown Prosecution Service (CPS), the National Crime Agency, and Chinese law enforcement.^{1, 4} Detective Sergeant Isabella Grotto of the Metropolitan Police noted that securing guilty pleas “was the result of hard work in the UK and China,” highlighting the importance of international cooperation in tackling complex cyber-enabled financial crime.¹

Qian ultimately pleaded guilty to acquiring and possessing criminal property.^{4, 8} Her accomplices also received sentences. Jian Wen was sentenced to six years and eight months in May 2024 for laundering 150 Bitcoin, while Hok Seng Ling received four years and 11 months for transferring criminal property.^{1, 4} The case demonstrates a significant commitment by UK authorities to pursue and prosecute high-level money laundering involving virtual assets.

The Permanence of the Crypto Trail

A key theme emerging from this case, as emphasized by law enforcement, is the traceability of cryptocurrency transactions. The Metropolitan Police explicitly stated that “every crypto transaction leaves a trace,” a warning directed at criminal groups attempting to use digital assets for money laundering.¹ Deputy Chief Crown Prosecutor Robin Weyell reinforced this point, stating, “Bitcoin and other cryptocurrencies are increasingly being used by organised criminals to disguise and transfer assets.”¹ This public declaration aligns with the technical reality that blockchain analysis provides a permanent, public ledger of transactions, which, when combined with traditional investigative techniques, can unravel complex money laundering schemes.

For security professionals, this case serves as a real-world validation of blockchain analytics as a forensic tool. While criminals may perceive cryptocurrency as anonymous, the immutable nature of the blockchain creates a persistent data source for investigators. The successful tracing of Qian’s assets, from the initial fraud in China to their seizure in the UK, provides a compelling case study in following the digital money trail across international borders and through multiple conversion attempts.

Challenges in Victim Restitution

Despite the successful seizure, the path to restitution for the 130,000 Chinese victims is fraught with legal complexity. Lawyers familiar with the case predict a “lengthy cross-border ordeal” for victims attempting to recover their funds from the UK government.^{2, 3, 9} UK courts have frozen the seized assets ahead of potential victim restitution proceedings, but the process involves navigating significant diplomatic and legal hurdles between the two nations.² This highlights a common challenge in global cybercrime cases where asset recovery crosses multiple jurisdictions with differing legal frameworks and enforcement priorities.

The situation underscores the difficulty in achieving meaningful financial justice for victims of large-scale, international frauds. Even with a successful prosecution and asset seizure, the mechanisms for returning funds to individuals are often underdeveloped. This case may prompt further dialogue on international agreements and procedures for victim compensation in cross-border cybercrime, an area that remains a significant challenge for global law enforcement cooperation.

Contextualizing the Threat Landscape

The “Bitcoin Queen” case is not an isolated incident but part of a broader trend of large-scale, crypto-enabled financial crime. The related case of Chen Zhi, a British-Cambodian national, illustrates similar patterns. US authorities have charged Chen Zhi with conspiracy for allegedly masterminding a “sprawling cyber-fraud empire” involving “pig butchering” romance and crypto scams that reportedly pulled in up to £22 million a day.⁶ UK and US authorities have sanctioned his businesses and seized 19 properties in London, with the US Department of Justice seizing over £10.5 billion in bitcoin linked to the scheme.⁶

Another parallel is the case of Ruja Ignatova, the founder of the OneCoin Ponzi scheme, who is accused of defrauding investors of over $4 billion before disappearing in 2017.¹⁰ Ignatova, now on the FBI’s Top Ten Most Wanted list with a $5 million bounty, exemplifies the global reach and substantial financial impact of such schemes.¹⁰ These cases collectively demonstrate the evolving sophistication of financial cybercrime and the critical role of cryptocurrency in modern money laundering operations.

The sentencing of Zhimin Qian represents a significant milestone in the fight against crypto-enabled financial crime. It demonstrates the increasing capability of international law enforcement to track, seize, and prosecute complex money laundering operations involving digital assets. The case also serves as a stark reminder of the traceability of blockchain transactions and the growing collaboration between global agencies in combating cybercrime. For the security community, it reinforces the importance of robust financial investigation techniques and the ongoing need for international legal frameworks to address the challenges of cross-border asset recovery and victim restitution.