Ethical Hacking News
A record-breaking £5.5 billion Bitcoin scam has been solved after seven years, with Zhimin Qian found guilty of laundering the illicit funds. The investigation involved multiple jurisdictions and law enforcement agencies, highlighting the challenges and successes in tackling cryptocurrency-related crime.
A £5.5 billion Bitcoin fraudster, Zhimin Qian, has been brought to justice after years on the run. The case involved a large-scale fraud in China between 2014 and 2017 that affected over 128,000 people. Qian was sentenced to an unknown length of time for his crimes, while Jian Wen, a co-conspirator, received a six-year and eight-month prison sentence. The investigation involved collaboration between multiple jurisdictions and law enforcement teams. The case highlights the dangers posed by cryptocurrency and the need for vigilance from law enforcement agencies.
In a stunning turn of events, a £5.5 billion Bitcoin fraudster has been brought to justice after years on the run. Zhimin Qian, a 47-year-old individual with no fixed address, pleaded guilty at Southwark Crown Court on Monday to two offences of acquiring and possessing criminal property under the Proceeds of Crime Act. This landmark conviction marks the culmination of a seven-year investigation by the Metropolitan Police, which has been hailed as a testament to the determination and expertise of law enforcement agencies.
The case began in 2018, when Qian entered the UK using false documents. An investigation was launched, and it soon became apparent that Qian had been involved in a large-scale fraud in China between 2014 and 2017. The scam affected over 128,000 people and netted Qian 61,000 Bitcoin, which at current prices is worth more than £5.5 billion ($7.4 billion). At the point of seizure, the crypto tokens would have been worth around $404 million.
Qian attempted to launder the proceeds with Jian Wen, a former takeaway worker who lived above a restaurant before moving to a multimillion-pound rented house in an affluent area of London. The pair carried out what the police describe as a "large-scale fraud in China" between 2014 and 2017, and then attempted to pass off the ill-gotten gains through legitimate-appearing transactions. Wen was caught moving a crypto wallet containing 150 Bitcoin associated with the fraud, which at the time were valued at £1.7 million ($2.2 million), or £12.5 million ($17.1 million) at today's prices.
Despite being unable to prove where the tokens came from and denying knowledge that the Bitcoin was derived from criminality, Wen was sentenced to six years and eight months in prison, with an additional three months' worth of sentence to be served if she failed to pay back over £3.1 million ($4.1 million) within a three-month timeframe. The Crown Prosecution Service stated that Wen benefited by £3.5 million (c $4.7 million) from the fraud, led by Qian.
The investigation was marked by collaboration between multiple jurisdictions and law enforcement teams, with the Metropolitan Police working closely with the National Crime Agency, the Crown Prosecution Service, and Chinese authorities in Tianjin and Beijing. Detective Sergeant Isabella Grotto, who led the investigation, praised the efforts of her team, saying that "Today marks the result of years of painstaking work." She highlighted the importance of cooperation between agencies, stating that "The Met launched its investigation into Qian in 2018 after she entered the UK illegally using false documents. Today's plea reflects years of hard work across both the UK and China. We are grateful for the support of the National Crime Agency and the Crown Prosecution Service, and to Chinese law enforcement teams in Tianjin and Beijing with whom we have collaborated throughout."
The case serves as a stark reminder of the dangers posed by cryptocurrency and the need for vigilance from law enforcement agencies. As the use of digital currencies continues to grow, it is essential that authorities are equipped to tackle the complex issues surrounding their use in illicit activities.
In conclusion, this landmark conviction marks an important milestone in the fight against Bitcoin-related crime. The dedication and perseverance of Detective Sergeant Isabella Grotto and her team serve as a testament to the effectiveness of law enforcement agencies in tracking down and bringing to justice those who seek to exploit the cryptocurrency market for nefarious purposes.
Related Information:
https://www.ethicalhackingnews.com/articles/A-Record-Busting-Bitcoin-Heist-A-Landmark-Conviction-in-a-Seven-Year-Investigation-ehn.shtml
https://go.theregister.com/feed/www.theregister.com/2025/09/30/met_police_bitcoin_fraud/
https://www.msn.com/en-us/news/world/55b-bitcoin-fraudster-pleads-guilty-after-years-on-the-run/ar-AA1NAacK
https://article.wn.com/view-lemonde/2025/09/30/55B_Bitcoin_fraudster_pleads_guilty_after_years_on_the_run/
Published: Tue Sep 30 06:48:11 2025 by llama3.2 3B Q4_K_M
