Chinese 'Crypto Queen' Jailed Over £5B Bitcoin Fraud, UK Police Confirm Possible London Payouts

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. Key Takeaways

• U.K. police recovered over 61,000 Bitcoin, worth around £5 billion, in the country’s largest-ever confirmed cryptocurrency seizure.

• Zhimin Qian, described as the ‘crypto queen,’ has been jailed for 11 years and eight months.

• The Metropolitan Police confirmed that some of the recovered assets may be handed out to London and its residents.

British police said that some of the £5 billion worth of Bitcoin seized in the world’s largest confirmed crypto recovery could ultimately benefit Londoners, following the jailing of the infamous “crypto queen.”

Billionaire Fraudster

Zhimin Qian, 47, described by police as the architect of a massive China-based fraud that defrauded more than 128,000 victims, has been jailed for 11 years and eight months at Southwark Crown Court.

Co-defendant Seng Hok Ling, also 47, received a sentence of four years and 11 months for his role in transferring criminal property.

Police said they had recovered over 61,000 Bitcoin, worth about £5 billion, as part of their seven-year probe into Qian’s network.

The network used cryptocurrency to hide and transfer criminal proceeds across borders.

“This is one of the largest and most complex economic crime investigations we have ever undertaken,” said Will Lyne, Head of the Met’s Economic and Cybercrime Command.

“Our message is clear – criminal assets are not safe in the U.K.,” he added.

Where Will the Funds Go?

In an emailed statement to CCN, a Met spokesperson said that while the process is still underway, the force hopes that some of the recovered assets can go towards London and its residents.

“Since the Met led the investigation, we hope to see some of the assets recovered go towards London/Londoners,” a spokesperson said.

“With a potential future recouping of funds for the Met.”

Civil recovery proceedings are ongoing to determine the final distribution of the assets.

History of the Crypto Queen

Before her downfall, Zhimin Qian lived a life of deception and luxury that read like a crime thriller.

When police first came across her in October 2018 during a money-laundering probe, she was lying in bed at a north London address, claiming to be incapacitated by brain and leg injuries.

Officers left without realising that the woman they had just spoken to under a false name was one of China’s most wanted financial fugitives.

According to court records and accounts from the Metropolitan Police, Qian had already siphoned billions from more than 128,000 investors in a fraudulent wealth scheme before fleeing China.

For years, she evaded capture while quietly rebuilding her empire in Britain, living under assumed identities and supported by loyal aides who referred to her simply as the “Lady Boss.”

Behind the privacy of rented luxury homes across the U.K., from a remote Scottish retreat to a York townhouse and a Hampstead mansion, Qian enjoyed the wealth of her stolen fortune.

Investigators later found she had spent lavishly on designer watches, jewelry, and couture clothing from European boutiques, and had made plans to acquire multimillion-pound properties in London and abroad.

“This case, involving the largest cryptocurrency seizure in the U.K., illustrates the scale of criminal proceeds available to those fraudsters,” said Neil Colville, Unit Head Prosecutor in the Serious Economic Organised Crime Service.

Her diary entries, reported by the Daily Mail, revealed she had ambitions to rule the kingdom of Liberland on the Danube and dreamt of building Europe’s largest Buddhist temple there.

Qian’s extravagant ambitions, however, ultimately betrayed her.

Attempts by her assistant to purchase two luxury Hampstead homes worth more than £35 million drew the attention of British financial watchdogs.

When questioned, her representative could not account for the origin of the Bitcoin funds, triggering the investigation that eventually led police back to Qian.

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