Chinese ‘Cryptoqueen’ gets 11 years for £4.2 billion Bitcoin ponzi scheme

Key Takeaways

What was the scale of Qian Zhimin’s fraud, and how did it operate?

Qian defrauded 120,000 Chinese investors of £4.2 billion [$5.6 billion] through Lantian Gerui. This company promised returns from cryptocurrency mining and health tech products.

How does this case fit into 2025’s broader crypto fraud landscape?

The Qian case represents one of the crypto industry’s largest single enforcement actions during a record year for digital asset fraud. First-half 2025 losses reached $2.47 billion due to hacks and scams, already exceeding the full-year total for 2024.

A London court sentenced Chinese national Qian Zhimin to 11 years and eight months on 11 November for laundering billions worth of Bitcoin stolen from 120,000 investors, according to a BBC report. 

The Metropolitan Police seized what authorities describe as the UK’s largest cryptocurrency haul during a 2021 raid on her Hampstead mansion.

The case highlights the persistent fraud crisis in the crypto industry. Blockchain security firm CertiK reports that investors lost over $2.47 billion to hacks and scams in the first half of 2025 alone, surpassing the full-year total of 2024.

The £4.2 billion ponzi operation

The BBC reports that Qian established Lantian Gerui (Bluesky Greet) in China in 2013, promising returns from cryptocurrency mining and health technology products. 

Prosecutors determined she operated a classic Ponzi scheme, using new investors’ funds to pay earlier participants. The operation targeted elderly Chinese citizens through sophisticated marketing. 

The company staged mass events at prestigious venues, including China’s Great Hall of the People, exploiting patriotism and social isolation among retirees.

“Our patriotism was our Achilles’ heel,” victim Mr. Yu told the BBC. “They said they wanted to make China number one in the world.”

Small daily payouts built confidence, encouraging investors to borrow money at rates of up to eight percent to increase their stakes.

Mr. Yu and his wife initially invested a combined 120,000 yuan [$16,858], losing everything when the scheme collapsed.

From beijing to Hampstead

Chinese authorities opened an investigation in mid-2017. Qian escaped to Britain in September, using forged documents, and rented a Hampstead mansion for over £17,000 per month while posing as an antiques heiress.

Her Bitcoin holdings appreciated more than twentyfold during this period. Assistant Wen Jian testified at her own trial that Qian spent most days gaming and shopping online while victims struggled. 

Qian’s diary revealed plans to purchase a Swedish castle and become queen of Liberland, an unrecognized territory on the Croatian-Serbian border.

Police attention came when her assistant attempted to purchase a Totteridge property without explaining the source of her wealth. The subsequent raid uncovered hard drives containing tens of thousands of Bitcoin.

2025: Crypto’s fraud crisis deepens

The seizure represents a major enforcement success during crypto’s worst fraud year. Beyond the $2.47 billion in first-half losses, rug pull scams reached nearly $6 billion in early 2025, up from $90 million in early 2024. 

These schemes shifted from DeFi protocols to memecoin projects.

Wallet compromises accounted for $1.7 billion in stolen funds, while phishing attacks resulted in $410 million in losses across 132 incidents.

Deepfake scams using AI to impersonate celebrities like Elon Musk and Donald Trump caused an additional $200 million in losses.

The Bybit breach and Cetus Protocol exploit alone represented $1.78 billion, pushing year-to-date totals past $2.5 billion by the third quarter.