"Crypto queen" pleads guilty to role in massive cryptocurrency scheme
UK police have seized roughly $7 million in cryptocurrency, the world’s largest seizure to date.
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A Chinese national dubbed the "crypto queen" planned to rule her own kingdom before pleading guilty to a massive scheme in which UK police seized roughly $7 million in cryptocurrency.
Chinese national Zhimin Qian, 47, has pleaded guilty to her role in what has been called the world’s largest cryptocurrency scheme.
The Metropolitan Police conducted a seven-year investigation, which revealed that Qian had orchestrated a fraud scheme in China that targeted 128,000 victims and then stored the stolen funds in bitcoin.
“The Met seized 61,000 bitcoin from the Chinese national Zhimin Qian, also known as Yadi Zhang,” the Metropolitan Police said in a statement.
Following the heist, Qian fled China using fake documents. She then entered the UK and attempted to launder the fraudulent funds by buying real estate.
In a digital diary found by police, Qian recorded her desires to become a "reincarnated goddess" appointed by the Dalai Lama.
Qian wrote that she planned to rule over the "Liberland," a micro-nation located between Serbia and Croatia, the Financial Times reported.
The "crypto queen" planned on building a Buddhist temple and other infrastructure, including a port and an airport. She also planned to obtain a crown a sceptre worth nearly $7 million, according to Newswire.
However, the woman didn’t work alone, as Jian Wen helped her purchase properties to launder the stolen funds. Wen was jailed in 2024 for her role in the crime.
The Metropolitan Police obtained evidence linking Wen to the crime. This evidence came in the form of moving a cryptocurrency wallet that contained 150 bitcoin valued at over $2 million.
“Bitcoin and other cryptocurrencies are increasingly being used by organized criminals to disguise and transfer assets, so that fraudsters may enjoy the benefits of their criminal conduct,” said Robin Weyell, deputy chief crown prosecutor for the Crown Prosecution Service.
“This case, involving the largest cryptocurrency seizure in the UK, illustrates the scale of criminal proceeds available to those fraudsters,” Weyell concluded.
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