Ethical Hacking News
A £5 billion Bitcoin bandit has been sentenced to 11 years and eight months in prison, marking one of the largest economic crime investigations undertaken by the UK's Metropolitan Police. The mastermind behind the fraud, Zhimin Qian, was found guilty of two charges related to criminal property and had amassed a stash of over 61,000 Bitcoins worth £4.8 billion ($6.3 billion). This case serves as an example of how organized crime groups utilize cryptocurrency for their nefarious activities.
The UK's Metropolitan Police has closed a 7-year investigation into notorious Bitcoin bandit Zhimin Qian, who was sentenced to 11 years and 8 months in prison.The case marks one of the largest economic crime investigations by the Met, with £4.8 billion ($6.3 billion) in cryptocurrency assets seized.Zhimin Qian established a company that attracted investors and misappropriated funds, affecting over 128,000 people, before fleeing to the UK in 2017.She accumulated a stash of over 61,000 Bitcoins, worth £4.8 billion ($6.3 billion), which was laundered through properties and intermediaries.A former assistant, Jian Wen, was sentenced to 6 years and 8 months in prison for his role in helping Qian purchase properties.The Met's success in bringing Qian to justice is seen as a significant blow to organized crime groups using cryptocurrency for nefarious activities.The National Crime Agency's crypto campaign aims to raise awareness about the risks of investing in dodgy cryptocurrency schemes and prevent future crimes.
The UK's Metropolitan Police has finally brought to an end a seven-year-long investigation into a notorious Bitcoin bandit, who was sentenced to 11 years and eight months in prison on Tuesday. The mastermind behind the fraud, Zhimin Qian, was found guilty of two charges related to criminal property, specifically possessing and transferring cryptocurrency. This case marks one of the largest and most complex economic crime investigations undertaken by the Met, with a total value of £4.8 billion ($6.3 billion) in cryptocurrency assets seized.
Qian's crimes began in China between 2014 and 2017, where she established Lantian Gerui, a company that purportedly developed technology and mined Bitcoin. She attracted numerous investors whose funds were later misappropriated, resulting in over 128,000 people being affected by her large-scale fraud. To evade detection, Qian fled China in 2017 to the UK, utilizing false documents and an assumed identity to travel under.
During her time on the run, Qian converted the stolen funds into cash, jewellery, and Bitcoin, accumulating a significant stash of over 61,000 Bitcoins. However, she attempted to launder these assets by purchasing property in London and overseas, using intermediaries to avoid investigations into the source of her wealth. Her associates also tried to help her conceal her ill-gotten gains.
In 2024, Jian Wen, a former assistant of Qian's, was sentenced to six years and eight months in prison for his role in helping Qian purchase properties in Dubai. This case serves as an example of how organized crime groups utilize cryptocurrency to move, hide, and invest the profits of serious crimes. The Met's Economic and Cybercrime Command has been working diligently with partners from the Crown Prosecution Service, National Crime Agency, and Chinese law enforcement to follow the digital trail left by Qian.
The investigation led to the seizure of Qian's incredible stash of over 61,000 Bitcoins, worth £4.8 billion ($6.3 billion) at today's value, which is believed to be the single largest confirmed cryptocurrency seizure in history. The Met has been working tirelessly to bring offenders to justice and protect the public from these types of crimes.
The bust of Zhimin Qian serves as a significant blow to organized crime groups utilizing cryptocurrency for their nefarious activities. Her lengthy sentence underscores the lengths that law enforcement agencies will go to secure justice for victims and deter future perpetrators. The Met's success in this case demonstrates its commitment to protecting the public and upholding the rule of law.
The National Crime Agency's (NCA) crypto campaign, targeting males under 45, coincides with Qian's sentencing. This initiative aims to raise awareness about the risks associated with investing in dodgy cryptocurrency schemes and highlights the importance of prevention in disrupting these types of crimes.
Related Information:
https://www.ethicalhackingnews.com/articles/The-Bust-of-5-Billion-Bitcoin-Bandit-A-Complex-Economic-Crime-Investigation-Concludes-with-a-Lengthy-Sentence-ehn.shtml
https://go.theregister.com/feed/www.theregister.com/2025/11/12/bitcoin_fraud_prison/
Published: Wed Nov 12 05:59:05 2025 by llama3.2 3B Q4_K_M
