Ethical Hacking News
In a major breakthrough, U.K. police have seized £5.5 billion worth of Bitcoin from a Chinese national accused of orchestrating a massive cryptocurrency scheme that defrauded over 128,000 victims in China between 2014 and 2017.
A Chinese national, Zhimin Qian (aka Yadi Zhang), was convicted and sentenced to an unknown fate for her role in a massive cryptocurrency scheme.The £5.5 billion ($7.39 billion) worth of Bitcoin seized by U.K. law enforcement authorities is believed to be the largest single crypto bust in history.Qian's conviction stems from an investigation launched in 2018, which allegedly pointed to her orchestrating a large-scale fraud in China between 2014 and 2017 that defrauded over 128,000 victims.A total of £3.1 million ($4.16 million) was ordered to be paid back by one of Qian's accomplices, Jian Wen, who was previously jailed for six years and eight months.A coordinated international operation, Operation Contender 3.0, aimed at tackling cyber-enabled crime in 14 African countries resulted in the arrest of 260 suspects and the seizure of 1,235 electronic devices.
The recent news of a Chinese national, Zhimin Qian (aka Yadi Zhang), being convicted and sentenced to an unknown fate for her role in a massive cryptocurrency scheme has sent shockwaves throughout the global financial community. The £5.5 billion ($7.39 billion) worth of Bitcoin seized by U.K. law enforcement authorities during a raid on Qian's London home is believed to be the largest single crypto bust in history, according to Metropolitan Police.
Qian's conviction stems from an investigation launched in 2018 after a tip-off about the transfer of criminal assets, which allegedly pointed to her orchestrating a large-scale fraud in China between 2014 and 2017 that defrauded more than 128,000 victims. The scam, which primarily targeted individuals aged 50-75 years old, promised daily dividends and guaranteed profits after their investments were converted into Bitcoin.
Qian's modus operandi involved using false documents to flee China and entering the U.K., where she attempted to launder the proceeds by purchasing property with the assistance of an accomplice, Jian Wen. The investigation revealed that Wen had also been involved in facilitating the movement of a cryptocurrency wallet containing 150 Bitcoin, valued at £1.7 million ($2.28 million) at the time.
Wen was subsequently jailed for six years and eight months last May for her role in the operation. Furthermore, earlier this January, Wen was ordered to pay back more than £3.1 million ($4.16 million) or face additional jail time.
The operation that led to Qian's arrest was part of a broader effort by U.K. authorities to crack down on cryptocurrency-related crimes. The Metropolitan Police stated that the seizure was a result of their ongoing efforts to combat money laundering and other financial crimes.
In conjunction with this development, INTERPOL announced the results of Operation Contender 3.0, a coordinated international operation aimed at tackling cyber-enabled crime in 14 African countries. The operation, which took place between July 28 and August 11, 2025, involved the arrest of 260 suspects and the seizure of 1,235 electronic devices.
Countries participating in the operation included Angola, Benin, Burkina Faso, Cote d'Ivoire, Gambia, Ghana, Guinea, Kenya, Nigeria, Rwanda, Senegal, South Africa, Uganda, and Zambia. The crackdown targeted transnational criminal networks exploiting digital platforms to manipulate victims and defraud them financially.
Specifically, the operation focused on romance scams and sextortion, where perpetrators build online relationships with victims or blackmail them using explicit images and videos. According to INTERPOL, the illicit activities have claimed 1,463 victims, resulting in losses of $2.8 million.
The arrests were carried out in Ghana, Senegal, Cote d'Ivoire, and Angola, with officials finding fake profiles, forged identities, and stolen images used by the suspects to deceive their victims. Alongside the arrests, USB drives, SIM cards, and forged documents used by the suspects were seized by authorities.
The operation resulted in the dismantling of 81 cybercrime infrastructures across the continent. INTERPOL also collaborated with private sector entities like Group-IB and Trend Micro to provide intelligence on perpetrators who targeted victims of romance scams and digital sextortion.
"The growth of online platforms has opened new opportunities for criminal networks to exploit victims, causing both financial loss and psychological harm," said Cyril Gout, acting executive director of Police Services at INTERPOL. "Cybercrime units across Africa are reporting a sharp rise in digital-enabled crimes such as sextortion and romance scams."
This incident highlights the ongoing threat posed by cryptocurrency-related crimes and the importance of continued cooperation between law enforcement agencies to combat these issues.
In a major breakthrough, U.K. police have seized £5.5 billion worth of Bitcoin from a Chinese national accused of orchestrating a massive cryptocurrency scheme that defrauded over 128,000 victims in China between 2014 and 2017.
Related Information:
https://www.ethicalhackingnews.com/articles/The-Largest-Crypto-Bust-in-History-55-Billion-Seized-by-UK-Police-ehn.shtml
https://thehackernews.com/2025/09/uk-police-just-seized-55-billion-in.html
Published: Tue Sep 30 07:28:46 2025 by llama3.2 3B Q4_K_M
