China’s “Goddess of Wealth” Faces Jail Over $6B Bitcoin Scam in UK

London, UK – A high-profile trial has put China’s so-called “Goddess of Wealth” under the spotlight as she faces a lengthy prison sentence over the UK’s largest-ever cryptocurrency seizure, valued at more than $6 billion. Zhimin Qian, 47, who used the alias Yadi Zhang, defrauded over 128,000 investors in China between 2014 and 2017, converting illicit funds into Bitcoin assets before fleeing to the UK in 2018.

Qian is accused of masterminding a vast Ponzi scheme, promising high returns to investors while using funds from new participants to pay off earlier contributors. Authorities allege that she laundered significant portions of the stolen money in the UK through luxury property purchases, including a $30-million mansion in London.

A two-day sentencing hearing is underway at Southwark Crown Court, where Qian, who pleaded guilty to acquiring and possessing criminal property on September 29, could face up to 14 years in prison. She is joined in the case by her Malaysian accomplice, Seng Hok Ling, also 47, who admitted to money laundering and is awaiting sentencing. Another co-defendant, Jian Wen, has already been jailed for six years and eight months for handling Bitcoin wallets worth over $2 billion.

The financial impact of Qian’s fraud has been devastating. Many victims, including ordinary office workers in China, lost their life savings, affecting families and futures. The scam was fuelled by Bitcoin’s surging popularity, which has seen the cryptocurrency rise from $3,600 in 2018 to around $100,000 today.

Authorities and legal experts note the case as possibly the largest of its kind in history involving an individual rather than a corporate entity. London police seized more than 61,000 Bitcoins during surveillance and investigation, marking an unprecedented enforcement action in cryptocurrency history.

The ongoing trial highlights the increasing risks posed by digital currencies and the sophisticated methods employed by fraudsters. British authorities are also exploring compensation schemes for victims through civil proceedings in London’s High Court. Around 1,300 alleged victims have come forward to date.

This case serves as a stark reminder of the global scale of crypto-related crimes and the importance of vigilance among investors and authorities alike.