Chinese "Goddess of Wealth" Facing 14-Year Prison Sentence Over Historic $6 Billion Bitcoin Fraud Case

Chinese entrepreneur Zhimin Qian, once celebrated as the "goddess of wealth," now confronts severe legal consequences following British authorities' unprecedented seizure of Bitcoin valued at over $6 billion.

The 47-year-old businesswoman, who operated under the alias Yadi Zhang, orchestrated a fraudulent scheme in China between 2014 and 2017 that victimized more than 128,000 individuals. Qian converted these illicitly acquired funds into Bitcoin assets while maintaining a prominent position in the operation.

After escaping China in 2018 using falsified documentation, she relocated to the United Kingdom where she attempted to launder her criminal proceeds, according to law enforcement and prosecutors. She now faces potential imprisonment of up to 14 years.

The Chinese national entered a guilty plea on September 29 for acquiring and possessing criminal property. Her sentencing hearing is scheduled for Monday and Tuesday at London's Southwark Crown Court.

Seng Hok Ling, a 47-year-old Malaysian accomplice, has also admitted to money laundering charges at the same court and awaits sentencing. Another co-conspirator, Jian Wen, received a six-year and eight-month prison term last year after authorities discovered Bitcoin wallets in her possession valued at over $2 billion.

Investigators believe Qian managed a Ponzi scheme that utilized new investor funds to pay existing participants. After transforming a substantial portion of her victims' money into Bitcoin, she initiated a money laundering operation in the UK through real estate investments, including a $30-million London mansion.

Police surveillance of Qian's co-defendant Ling culminated in her arrest in April 2024, resulting in the confiscation of cash, gold, and cryptocurrencies totaling 11 million euros.

Prior to her arrest, London law enforcement executed what they consider the largest cryptocurrency seizure in history: more than 61,000 Bitcoins, currently valued at over $6 billion.

William Glover of Fieldfisher law firm told AFP this case likely represents "the largest legal case of its kind in terms of value involving an individual and not a corporate." He noted that some of his clients had suffered devastating personal losses affecting their lives, marriages, and families.

According to Jackson Ng of Duan & Duan, who represents additional investors, the defendant organized public events while falsely claiming government support.

Ng explained that inexperienced investors who were unlikely to perform thorough due diligence were targeted and exploited. One Chinese couple in their 40s, both office workers, lost hundreds of thousands of dollars in retirement and education savings after attending a presentation in 2016.

The promised investment returns ceased in 2017, and their daughter has subsequently severed all communication with them, according to Ng.

Bitcoin's value, which traded around $3,600 in late 2018, has since appreciated to approximately $100,000, driven by increasing market interest.

British authorities are currently finalizing details of a compensation scheme through civil proceedings in London's High Court.

According to sources familiar with the matter, approximately 1,300 alleged victims have come forward to seek restitution.