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- Zhimin Qian, in connection with a massive investment fraud in China, pleaded guilty to money laundering in a UK court.
- The case includes the seizure of 61,000 Bitcoin, currently worth more than £5 billion, marking one of the largest cryptocurrency in the world.
- New debates are emerging as to whether the recovered funds will be returned to 128,000 casualties or retained by the UK government.
Zhimin Qian, a fugitive known as the “Goddess of Wealth,” pleaded guilty to money laundering in a groundbreaking case at London’s Southwark Royal Court. Qian was the central figure in a massive investment scam that scamned more than 128,000 people in China between 2014 and 2017, turning illegal profits into a massive stash of Bitcoin.
The conviction is the latest development in the long-standing Saga where previously her fellow Jian Wen was sentenced to a role in a criminal organization.
According to a BBC report, Qian fled China with false documents and entered the UK, which attempted to clean up stolen money. Her schemes are a prominent reminder of the risks within the digital asset space, ranging from sophisticated scams to events such as Hypervaustragpur.
Details of the £500 million Bitcoin attack
The scheme was born as a massive investment scam in China, where Qian cultivated personas as the “goddess of wealth.” Between 2014 and 2017, she convincing over 128,000 victims, many of whom were between 50 and 75 years old, and made sure to pour her savings into the investments she had promoted. Reports show that fraud often spreads through social networks, and victims are encouraged to invest from their friends and family.
Subsequent investigations led by metropolitan police in collaboration with Chinese authorities have led to what is believed to be the world’s largest cryptocurrency attack. Executives have collected digital wallets containing over 61,000 Bitcoin
BTC
$113 236
24-hour volatility:
0.9%
Market Cap:
$2.26 t
Vol. 24H:
$61.37 b
. At current market prices, assets are valued at over £5 billion ($6.7 billion).
The scale of operations highlights how organized criminals can use crypto assets and sophisticated tools like “ModStealer” malware to obscure the trajectory of their funds. Organized criminals have now moved by using Bitcoin and other cryptocurrencies to hide their funds, according to Deputy Prime Minister Prosecutor Robin Wyell.
Now that Qian has been convicted, the fate of the seized funds has become a point of competition. According to her attorney, Roger Sahota, Qian wants to comfort investors who have been waiting for compensation since 2017. Sahota said the assessment of the value of Bitcoin also ensures that the victims have enough funds to repay them.
However, the report suggests that the UK government may try to maintain its assets. Recent reforms to UK crime laws have made it easier to seize, freeze and recover digital assets involved in illegal activities. This development creates uncertainty for the thousands of victims who lost money in the original investment scheme.
Will Lynn, head of the Met Economic and Cybercrime Command, described the conviction as the result of a dedicated multi-year investigation. The complex probes span multiple jurisdictions and featured similar challenges to those seen in the recent Coinbase data breaches, in which insiders and external hackers collaborated. Qian is in custody and will be sentenced at a later date.
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Zoran Spirkovski is a Web3 Marketing Strategist and former CMO for Duckdao, transforms complex crypto concepts into compelling stories that drive growth. In the background of Crypto Journalism, he excels in developing mobility strategies to market for Defi, L2 and GameFi projects.
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