Bitcoin News Today: Patriotic Crypto Scam Swindles 128,000 Out of $6.5B

The "Cryptoqueen," a Chinese businesswoman accused of orchestrating a $6.5 billion Bitcoin money laundering scheme, faces sentencing in the UK following one of the largest cryptocurrency seizures in history. Zhimin Qian, also known as Yadi Zhang, defrauded tens of thousands of Chinese investors through a Ponzi scheme disguised as a high-tech health product and cryptocurrency mining venture before fleeing to the UK in 2017, where she used the illicit proceeds to fund a lavish lifestyle and real estate purchasesChina's \"Goddess Of Wealth\" Faces Jail In UK Over $6 ....

Qian's case has drawn global attention as UK authorities highlight their intensified efforts to combat digital asset fraud. Metropolitan Police officials revealed that the 47-year-old orchestrated a scheme that lured over 128,000 victims in China between 2014 and 2017, using promises of 200% returns on investmentsChina's \"Goddess Of Wealth\" Faces Jail In UK Over $6 .... The scam, operated through her company Lantian Gerui, relied on a classic Ponzi structure, with payouts to early investors funded by new entrants. Chinese police investigations in 2017 exposed the fraud, prompting Qian to flee to the UK under a false passportCryptoqueen who fled China for London mansion to be ....

In London, Qian continued her criminal activities, purchasing a £17,000-per-month mansion in Hampstead and hiring a personal assistant to help convert her Bitcoin stash into spendable assetsCryptoqueen who fled China for London mansion to be .... Her assistant, Jian Wen, was later jailed for six years after admitting to laundering $2 billion in cryptocurrency. A Malaysian accomplice, Seng Hok Ling, also pleaded guilty to money laundering and awaits sentencing. Qian herself was arrested in April 2024 after police raided her York residence, seizing 61,000 BTC-worth over $6 billion at current prices-as well as cash, gold, and other assetsChina's \"Goddess Of Wealth\" Faces Jail In UK Over $6 ....

The victims, many of whom were elderly Chinese pensioners, invested life savings into Qian's scheme under the belief they were supporting a government-backed initiative. "They said they wanted to make China number one in the world," said one victim, Mr. Yu, who lost his savings and faced divorce and estrangement from his sonCryptoqueen who fled China for London mansion to be .... Lantian Gerui's marketing exploited patriotic sentiments, with promotional events held at the Great Hall of the People in Beijing and endorsements from high-profile figures, including the son-in-law of former Chinese leader Mao ZedongCryptoqueen who fled China for London mansion to be ....

The UK's Crown Prosecution Service (CPS) has launched a civil "proceeds of crime" case to determine how the seized Bitcoin will be distributed. Over 1,300 victims have come forward, though recovering funds remains complex, as many investors channeled money through local promoters rather than directly to QianChina's \"Goddess Of Wealth\" Faces Jail In UK Over $6 .... Any unclaimed assets will default to the UK government, raising speculation about potential windfalls for the Treasury. The CPS is also exploring a separate compensation scheme for victims without legal representation, though details remain unclearCryptoqueen who fled China for London mansion to be ....

Qian's sentencing hearing, set for November 2025, could result in a 14-year prison term. Det Con Joe Ryan of the Metropolitan Police described her as "very manipulative," emphasizing the scale of the fraud and her role as the scheme's architectCryptoqueen who fled China for London mansion to be .... As Bitcoin's value has surged from $3,600 in 2018 to over $100,000 today, the case underscores the growing risks of unregulated crypto investments. The UK's recent regulatory push, including a proposed stablecoin framework and transatlantic collaboration with the U.S., aims to prevent similar schemes while balancing innovationCryptoqueen who fled China for London mansion to be ....