Chinese ‘cryptoqueen’ jailed over $A10b Bitcoin stash
A Chinese woman who was found with STG5bn ($A10bn) worth of Bitcoin after defrauding more than 128,000 people in China has been sentenced to more than 11 years in prison by a UK court.
Police said the investigation into Zhimin Qian, 47, led to officers recovering devices holding 61,000 Bitcoins in the largest seizure of cryptocurrency in the UK.
Prosecutors said Qian, dubbed the “crypto queen” by British media, was arrested in April 2024 after years of evading authorities and living an “extravagant” lifestyle in Europe, staying in luxury hotels across the continent and buying fine jewelry and watches.
Police said he ran a pyramid scheme that encouraged more than 128,000 people to invest in his business between 2014 and 2017, many of whom invested their life savings and pensions.
Authorities said he hid the illegally obtained funds in Bitcoin holdings.
Qian, who caught the attention of Chinese authorities, fled to England with a false identity. On arrival in London, police said the woman rented a “luxury” house for over STG 17,000 a month and tried unsuccessfully to buy multimillion-pound property with the aim of converting Bitcoin.
Investigators found notes documenting Qian’s desires, including his “intention to become ruler of Liberland, a self-proclaimed country consisting of a strip of land between Croatia and Serbia.”
They said other notes showed Qian detailing his hopes of “meeting a duke and royalty”.
Judge Sally-Ann Hales said Qian was the architect of the crimes from start to finish.
“Your motive was pure greed. You left China without considering the people whose investments you stole and enjoyed a luxurious lifestyle for a while. You lied and schemed, always trying to benefit yourself,” Hales said.
The businesswoman, who pleaded guilty to money laundering and transferring and possessing criminal property, was sentenced to 11 years and eight months in prison at Southwark Crown Court.
He was sentenced to prison along with his accomplice Seng Hok Ling, 47, a Malaysian national accused of helping Qian transfer and launder cryptocurrency.
Ling was sentenced to four years and 11 months in prison after pleading guilty to transferring criminal property.
