A Chinese woman confessed to laundering $7 billion in Bitcoin, marking one of the biggest cryptocurrency fraud cases in the UK. The admission concludes the criminal case, but the civil dispute over the seized cryptocurrencies remains unresolved.
Yadi Zhang, 47, also known as Zhimin Qian, admitted in a London court to possessing and trafficking illegal goods.
Seng Hok Ling, who is the same age as him, confessed to assisting in the transfer of assets in digital currencies. This admission was made just before a 12-week trial, with the verdict expected to be delivered on November 10th.
The situation started when approximately 61,000 Bitcoins were confiscated at a home in Hampstead, west London, in 2018. The current value of the Bitcoins is close to $7 billion.
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Zhang was chosen to play a crucial role in the fraud scheme, while Ling assisted in moving money.
Jian Wen, a resident of the same neighborhood, was given a prison sentence of over six years in 2024 for transitioning from a modest life to a lavish one with houses, trips, and expensive purchases using misappropriated funds. He was dubbed “supervillain” by supporters.
The scam began in Tianjin, China, in 2017 with Tianjin Lantian, a company that offered investors lucrative profits.
More than 128,000 individuals were defrauded, resulting in a total loss of 40 billion yuan (equivalent to US$ 5.6 billion). Fourteen Chinese nationals were found guilty of the offense in their home country.
Robin Weyell, Deputy Chief Prosecutor of the British Crown, stated that the case demonstrates how organized criminals utilize Bitcoin and other cryptocurrencies to conceal and move assets, enabling them to profit from their illegal activities.
The Prosecutor Service will keep working to prevent fraudsters from accessing criminal assets through confiscation and civil proceedings.
Criminal cases in the UK have concluded with Zhang and Ling’s sentencing, but the legal dispute now centers on determining the recipients of the billions in Bitcoin – either injured investors or the British government.
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