Have you heard of the “Bitcoin Queen”? Recently, she was convicted in the UK, and her conviction speaks to the largest seizure of cryptocurrency in history, and you'd think it would be the plot of a movie.
Between 2014 and 2017 Qian bailed Chinese investors to put money to her for her insane returns, promises of 100-300% returns. I know, it sounds insane. In total, more than 128,000 investors delivered her money, totaling about 40 billion yuan.
When her scam imploded, she bought Bitcoin and fled to the UK. After posting a series of discussions touting Bitcoin as “digital gold,” the media deemed her the “Bitcoin Queen.”
So yes, it's historic!
Qian and her partner, Jian Wen, attempted to launder the money by purchasing expensive real estate in the UK. Unfortunately for Wen, he was apprehended and has since received a 6-year and 8-month prison sentence. After years of investigation, the officers involved utilized blockchain tracking techniques and detective work to ultimately arrest Qian.
Who is the “Bitcoin Queen”?
Her name is Zhimin Qian, also known as Yadi Zhang. She is 47 years old and was convicted at Southwark Crown Court for dealing in sordid money, money that comes from a crime.Between 2014 and 2017 Qian bailed Chinese investors to put money to her for her insane returns, promises of 100-300% returns. I know, it sounds insane. In total, more than 128,000 investors delivered her money, totaling about 40 billion yuan.
When her scam imploded, she bought Bitcoin and fled to the UK. After posting a series of discussions touting Bitcoin as “digital gold,” the media deemed her the “Bitcoin Queen.”
THE LARGEST BITCOIN SEIZURE IN HISTORY BY POLICE
Sometimes life is stranger than fiction. The police seized 61,000 Bitcoin. At today's cryptocurrency prices, that's worth approximately £5.5 billion ($7 billion) – and it represents the largest cryptocurrency seizure in history, surpassing a US seizure of 94,000 Bitcoin worth $3.6 billion in 2022.So yes, it's historic!
How the Police Found Her
The UK police had been investigating her since 2018 as a result of computer-based records, when they noticed suspicious Bitcoin transactions associated with her, and worked together with Chinese officials to track the stolen funds.Qian and her partner, Jian Wen, attempted to launder the money by purchasing expensive real estate in the UK. Unfortunately for Wen, he was apprehended and has since received a 6-year and 8-month prison sentence. After years of investigation, the officers involved utilized blockchain tracking techniques and detective work to ultimately arrest Qian.
Why This Matters
You may be asking yourself, why does this even matter?- It demonstrates that crypto is not a safe place for hiding stolen money.
- It shows that police can still follow the trail of funds, even cross-border.
- It serves as a warning for scammers—no matter how big a fish you think you are, you will not be able to run forever.