Bitcoin News Today: Crypto's Dark Side Unveiled: UK Secures Record $7.3B in Crime Proceeds

The UK's Metropolitan Police has secured a landmark conviction in what is believed to be the largest cryptocurrency seizure in history, valued at over £5.5 billion ($7.3 billion) in Bitcoin. Zhimin Qian, also known as Yadi Zhang, a 47-year-old Chinese national, pleaded guilty at Southwark Crown Court on September 29, 2025, to charges of acquiring and possessing criminal property under the Proceeds of Crime Act [1]. The case marks the culmination of a seven-year investigation into a global money laundering scheme that defrauded more than 128,000 victims in China between 2014 and 2017 [2].

Qian orchestrated a large-scale scam during China's cryptocurrency boom, promising daily dividends and guaranteed returns to investors, many of whom were middle-aged individuals with limited knowledge of digital assets. The fraud generated proceeds that were converted into Bitcoin and stored in crypto assets. After fleeing China using false documents in 2018, Qian attempted to launder the illicit funds in the UK by purchasing property, with the assistance of Jian Wen, a 44-year-old former takeaway worker [3]. Wen, who was previously sentenced to six years and eight months in prison in May 2024, laundered £3.5 million in proceeds and acquired properties in Dubai and North London [4].

The Metropolitan Police's Economic and Cybercrime Command, in collaboration with Chinese law enforcement, traced the origins of the seized 61,000 Bitcoin-worth £5.5 billion at current prices. Detective Sergeant Isabella Grotto, who led the investigation, highlighted the complexity of the case, which involved cross-jurisdictional evidence review and the analysis of thousands of documents. "This is one of the largest money laundering cases in UK history and among the highest-value cryptocurrency cases globally," said Will Lyne, the Met's Head of Economic and Cybercrime Command [5]. The investigation also uncovered Wen's role in facilitating the movement of a cryptocurrency wallet containing 150 Bitcoin, valued at £1.7 million at the time of the scam [6].

The case underscores the growing use of cryptocurrencies by organized crime to conceal and transfer illicit assets. Deputy Chief Crown Prosecutor Robin Weyell noted that the seizure illustrates the scale of criminal proceeds available to fraudsters. "Bitcoin and other cryptocurrencies are increasingly being used to disguise and transfer assets, allowing fraudsters to enjoy the benefits of their criminal conduct," he stated. The Crown Prosecution Service (CPS) is now working to ensure the funds remain beyond Qian's reach through criminal confiscation and civil proceedings [7].

Qian's conviction follows a broader trend of international cooperation in combating crypto-facilitated crime. The Met emphasized that many victims in China received partial compensation through a local scheme, though the UK authorities are still pursuing the return of stolen assets. Qian remains in custody ahead of sentencing, with the court yet to set a date. The case also highlights the challenges of tracing digital assets, as the value of the seized Bitcoin has surged significantly since the initial fraud in 2017.

The seizure surpasses previous high-profile cryptocurrency recoveries, including the U.S. Justice Department's 2022 confiscation of 94,000 Bitcoin linked to the Bitfinex hack. With 61,000 Bitcoin now secured, the UK's operation has become the largest single crypto seizure in history. The Met's success in this case demonstrates the potential of cross-border collaboration and advanced investigative techniques in tackling transnational financial crimes.