Chinese woman admits US$7.4 billion bitcoin fraud at UK court

A 47-year-old Chinese woman on Monday told a UK court that she played a leading role in a multibillion-pound fraudulent bitcoin scheme.

Businesswoman Qian Zhimin, alias Zhang Yadi, pleaded guilty at London’s Southwark Crown Court following what is believed to be the single largest cryptocurrency seizure in the world, now worth about £5.5 billion (US$7.4 billion).

Qian admitted one count of possessing criminal property and one count of transferring criminal property.

Judge Sally-Ann Hales remanded Qian in custody ahead of sentencing, which will take place at a later date.

“Between 2014 and 2017, Zhang orchestrated a large-scale fraud in China through defrauding over 128,000 victims and went on to store the illegally obtained funds in bitcoin assets,” London’s Metropolitan Police said in a statement.

“She then fled China using false documents and entered the UK, where in September 2018 she attempted to launder the proceeds via purchasing property,” it added.