A UK court has sentenced Zhimin Qian, a Chinese national dubbed the “cryptoqueen,” to over 11 years in prison following her involvement in a massive Ponzi scheme that defrauded over 128,000 investors in China. The sentencing took place on November 12, 2024, and marks a significant moment in cryptocurrency crime enforcement.
Qian, 47, was found in possession of approximately 61,000 Bitcoin (BTC), valued at 5 billion pounds ($6.6 billion), making this the largest cryptocurrency seizure in the UK. Her fraudulent activities spanned from 2014 to 2017, during which she lured investors by promising high returns on their investments, leading many to invest their life savings and pensions.
After attracting the attention of Chinese authorities, Qian managed to evade capture by fleeing to the UK under a false identity. Once in London, she lived a lavish lifestyle, renting a luxury home for about 17,000 pounds ($23,000) monthly and attempting to convert her Bitcoin holdings into cash by purchasing multimillion-pound properties.
Her extravagant spending included high-end jewelry and luxury watches, all funded by the illegally obtained cryptocurrency. During the investigation, police discovered notes detailing her ambitions, which included aspirations of becoming a monarch in a self-proclaimed territory known as Liberland, located between Croatia and Serbia.
Judge Sally-Ann Hales, presiding over the case, described Qian as the principal architect of the crimes, emphasizing that her actions were driven by greed. “You left China without a thought for the people whose investments you had stolen and enjoyed for a period of time a lavish lifestyle,” Hales stated during the sentencing.
In addition to Qian, her accomplice Seng Hok Ling, a 47-year-old Malaysian national, was also sentenced. Ling faced charges of aiding Qian in transferring and laundering the criminally obtained cryptocurrency and received a sentence of four years and 11 months.
This case underscores the ongoing risks associated with cryptocurrency investments, particularly in schemes that promise unrealistic returns. As regulatory bodies continue to crack down on fraudulent activities in the crypto space, this high-profile case serves as a reminder for investors to conduct thorough due diligence before engaging in any investment opportunities.
