Chinese Fraudster Admits to $7.4 Billion Bitcoin Fraud!

Chinese Fraudster Admits to $7.4 Billion Bitcoin Fraud!

On October 1, 2025, Zhimin Qian, a 47-year-old Chinese woman, pleaded guilty in a British court to two charges brought as part of one of the largest crypto fraud cases in history. The scam, which took place between 2014 and 2017, affected over 128,000 victims in China and totaled an impressive $7.4 billion in Bitcoin (BTC). This exciting turn in the case was the result of a comprehensive investigation involving international authorities.

Qian, who stored illegal funds in Bitcoin, fled China using forged documents and sought refuge in the United Kingdom. There she attempted to purify the proceeds of the fraud through property purchases with the assistance of Jian Wen, a British citizen. Wen was sentenced to six years and eight months in prison last year for playing a key role in Qian's network.

Extent of fraud

The investigation led to the seizure of 61,000 BTC by the Metropolitan Police in the UK in 2018, considered the largest cryptocurrency seizure in history. This measure underscored the seriousness of the crimes committed by Qian and her accomplices. In April 2024, Qian and Hok Seng Ling, a 46-year-old accomplice based in Derbyshire, were arrested. Ling also pleaded guilty in court this week.

The prosecution was led by Detective Sergeant Isabella Grotto, who worked closely with Chinese law enforcement authorities on the investigation. The complex network of fraud and money laundering that Qian and her co-conspirators had established was thus gradually uncovered.

Outlook for the impending sentencing

Sentencing for Zhimin Qian and Hok Seng Ling is scheduled for next November. These cases have not only provided answers to large-scale fraud in the crypto world, but have also required careful international cooperation to ensure justice for the over 128,000 affected victims. The case remains a prime example of the challenges that the emergence of cryptocurrencies poses to legal frameworks worldwide.

As the legal action against Qian and Ling continues, public and media attention will continue to be on the risk of crypto fraud and the financial dangers associated with it.

For more information about this case and its developments, visit coverage by Daily Hodl.