A UK court has sentenced Qian Zhimin to more than 11 years in prison for her involvement in a massive $6 billion bitcoin (BTC) fraud. The 47-year-old Chinese national orchestrated this scheme while operating from China before escaping to the UK in 2017. After evading authorities for several years, she was arrested in York and later pleaded guilty to multiple criminal charges in 2025.
According to reports, Qian expressed her ambition to become the queen of the micronation Liberland, founded by Justin Sun, a prominent figure in the cryptocurrency space. Her aspirations, detailed in an online diary, included plans for a Buddhist temple, an airport, and even a $5 million crown and scepter, showcasing her grandiose vision for this unrecognized territory situated between Croatia and Serbia.
In her quest for power, Qian”s plans also involved flattering a British Duke and acquiring a Swedish castle. However, her dreams of ruling were hindered by Liberland”s democratic structure, with founder Vítem Jedlička as president and Sun having held the prime minister”s position multiple times.
Qian”s fraudulent scheme lured over 120,000 investors by promising substantial returns, including dividends from cryptocurrency mining and 300% returns on various investment products. The scheme was notably endorsed by the son-in-law of Chairman Mao, allowing her to host conferences in significant venues within China.
After fleeing to the UK with £20 million worth of BTC, Qian continued to launder the funds with assistance from a former takeaway worker, causing the amount to balloon to over $6 billion. As thousands of victims seek restitution, lawyers have indicated that proving claims may be difficult due to the complex nature of the scheme, which involved local promoters redirecting funds to Qian”s operations.
The fate of Qian Zhimin”s substantial bitcoin stash is set to be determined in a civil proceeds of crime case scheduled for early next year, as victims hope for recovery of their lost investments.
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