A sentence of 11 years and 8 months in prison for tech entrepreneur Zhimin Qian, who self-styled herself as the mastermind of one of China’s largest investment frauds. The sentence was handed down this Tuesday, November 11, by the Southwark Crown Court (United Kingdom). Qian, also known as Yadi Zhang, had pleaded guilty in September to charges of fraud and money laundering linked to her pyramid scheme, Lantian Gerui, which promised profits from cryptocurrency mining.
Through this scheme, more than 120,000 Chinese pensioners were swindled, attracting billions in deposits with promises of returns that turned out to be a pyramid scheme. After fleeing China in 2017, Qian was arrested in the United Kingdom in 2024. Her arrest led to the seizure of 61,000 BTC, currently valued at about 6.4 billion dollars, described by the Metropolitan Police as the largest cryptocurrency seizure in history.
Qian’s conviction closes the judicial chapter for the architect of the fraud, who lived a life of opulence in London. Her Malaysian associate, Seng Hok Ling, also received a sentence of almost five years. Now, the focus shifts to the fate of the 61,000 seized Bitcoin, a cache of digital assets whose future handling by British authorities could have significant implications for the market.
Disclaimer: Crypto Economy’s Flash News is produced from official and public sources verified by our editorial team. Its purpose is to quickly inform about relevant events in the crypto and blockchain ecosystem.
This information does not constitute financial advice or an investment recommendation. We always recommend verifying the official channels of each project before making related decisions.
