A Chinese businesswoman, known as the “goddess of wealth,” is facing a lengthy prison sentence after being involved in a massive Bitcoin scam. Zhimin Qian, 47, pleaded guilty to acquiring and possessing criminal property, and is set to be sentenced at London’s Southwark Crown Court. Qian, who used the alias Yadi Zhang, defrauded over 128,000 victims in China between 2014 and 2017, amassing a fortune in Bitcoin.
The scam, which involved a Ponzi scheme, paid out to investors using funds from new entrants. Qian converted a significant portion of the money into Bitcoin and attempted to launder the funds in the UK through property purchases, including a £23-million London mansion. Her actions led to the UK’s largest-ever cryptocurrency seizure, with over 61,000 Bitcoins valued at over $6 billion being confiscated.
Qian’s accomplice, Seng Hok Ling, 47, from Malaysia, has also admitted to money laundering and is awaiting sentencing. Another accomplice, Jian Wen, was jailed for six years and eight months for her role in the scheme. The victims, many of whom were not seasoned investors, were drawn in by promises of high returns and government support.
The case has been described as possibly the largest of its kind involving an individual, with enormous personal losses reported by some of the victims. One Chinese couple lost hundreds of thousands of dollars they had saved for their retirement and daughter, who has since broken off contact with them.
The British authorities are still working out a compensation scheme, with around 1,300 alleged victims coming forward. The case highlights the growing interest in Bitcoin, which has risen in value from around $3,600 in 2018 to over $100,000 currently. The sentencing of Qian and her accomplices serves as a reminder of the importance of regulating and monitoring cryptocurrency transactions to prevent such large-scale scams.
The sentencing hearing is set to take place over two days, and Qian faces up to 14 years in prison. The case has significant implications for the cryptocurrency market and the need for increased vigilance to prevent similar scams in the future. As the authorities continue to investigate and prosecute those involved, the victims await justice and compensation for their losses.