A Chinese businesswoman known as the “goddess of wealth” is facing a lengthy prison sentence after her involvement in a massive Bitcoin scam. Zhimin Qian, 47, pleaded guilty to acquiring and possessing criminal property and will be sentenced at London’s Southwark Crown Court. Using the alias Yadi Zhang, Qian defrauded more than 128,000 victims in China between 2014 and 2017, amassing a fortune in Bitcoin through a Ponzi scheme that paid earlier investors with funds from newer entrants.
Qian converted a large portion of the illicit proceeds into Bitcoin and attempted to launder the money in the United Kingdom by purchasing property, including a £23 million London mansion. Her actions triggered the UK’s largest-ever cryptocurrency seizure, with over 61,000 Bitcoins—valued at more than $6 billion—confiscated. Her accomplice, Seng Hok Ling, 47, from Malaysia, has also admitted to money laundering and is awaiting sentencing, while another associate, Jian Wen, has already been jailed for six years and eight months for her role in the scheme.
The victims, many of whom were not seasoned investors, were lured by promises of high returns and alleged government support. The case may be the largest of its kind involving an individual, with some victims reporting enormous personal losses. One Chinese couple lost hundreds of thousands of dollars they had saved for retirement and their daughter, who has since cut off contact with them. Around 1,300 alleged victims have come forward, and British authorities are still working out a compensation scheme.
The scandal underscores the growing interest in Bitcoin, whose value has risen from roughly $3,600 in 2018 to over $100,000 today. The upcoming two‑day sentencing hearing, in which Qian faces up to 14 years in prison, highlights the need for stricter regulation and monitoring of cryptocurrency transactions to prevent similar large‑scale scams. As authorities continue to investigate and prosecute those involved, the victims await justice and compensation for their losses.
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