In a landmark case, Zhimin Qian, also known as Yadi Zhang, pleaded guilty to money laundering after UK authorities seized over 61,000 Bitcoin, valued at approximately £5.5 billion, marking the largest cryptocurrency seizure in the UK.

The investigation, which spanned seven years and involved international cooperation between the UK and China, uncovered her role in defrauding over 128,000 victims in China through an elaborate scheme.

Qian operated a company that sold high-return investment products linked to cryptocurrencies, secretly funneling investor funds into Bitcoin for personal gain, raising around 43.5 billion yuan ($6.1 billion).

She was arrested in 2024 after years on the run, having arrived in London in September 2017, and her case highlights the complexities of prosecuting cross-border cryptocurrency crimes.

Legal proceedings are ongoing, with civil claims by Chinese investors and efforts to recover assets, although establishing legitimate ownership claims remains challenging.

Prosecutors have decided not to pursue immediate confiscation due to ongoing high court cases, emphasizing the case's complexity and international jurisdiction issues.

The trial, expected to last 12 weeks, will feature testimony from Chinese police and victims via video link, illustrating the cross-border nature of the investigation.

Following her guilty plea, authorities are working to confiscate assets and ensure victim compensation, with some victims already receiving aid through schemes in China.

The case underscores the challenges faced by the justice system in prosecuting international cryptocurrency crimes, especially with no UK-China extradition treaty and no UK entities directly involved.

The seizure of over 61,000 Bitcoin could influence UK policy, potentially enabling Britain to establish a Bitcoin Reserve that rivals or surpasses the US, especially as political figures discuss using crypto assets in national strategies.

This case also highlights the broader implications for global financial regulation, with Chinese law firms representing investors in civil claims and ongoing efforts to prevent stolen funds from being accessed by criminals.

Qian denied the fraud allegations, claiming her Bitcoin holdings were legitimate investments, but her case reveals the difficulties in prosecuting international cryptocurrency frauds.