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Zhimin Qian pleaded guilty to acquiring and possessing criminal property of 61,000 Bitcoin—assets seized by UK authorities after a seven-year probe into a large-scale fraud that defrauded 128,000 people, with the recovered Bitcoin valued at just under $7 billion.
61,000 Bitcoin seized by UK authorities, valued just shy of $7 billion.
Chinese national Zhimin Qian (aka Yadi Zhang) admitted guilt in a court hearing after a seven‑year international investigation.
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The scheme, run 2014–2017, defrauded 128,000 victims and involved laundering proceeds through property purchases and third‑party assistance.
61,000 Bitcoin seized in UK fraud case, Zhimin Qian pleads guilty — read the facts on the seizure, convictions, and next legal steps. Stay informed with COINOTAG coverage.
What happened in the 61,000 Bitcoin seizure and guilty plea?
61,000 Bitcoin were seized by UK authorities between 2018 and 2021 after a seven‑year international investigation into a large fraudulent investment scheme. Zhimin Qian (also known as Yadi Zhang) pleaded guilty to acquiring and possessing criminal property that investigators link to a scheme which defrauded 128,000 people.
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How was the fraud carried out and how was the cryptocurrency recovered?
The scheme operated between 2014 and 2017, collecting investor funds through a fraudulent investment platform and converting proceeds into Bitcoin. Investigators say Qian fled China in 2018 with false documentation and attempted to launder proceeds via UK property purchases and intermediaries.
The Metropolitan Police’s economic crime teams undertook a coordinated recovery operation, seizing the 61,000 Bitcoin across multiple actions from 2018 to 2021. The seized holdings are now valued at just under $7 billion, making this one of the largest crypto recoveries recorded by UK authorities.
Why is this seizure significant for crypto crime enforcement?
This recovery is significant because of its scale and visibility: 61,000 Bitcoin represents one of the largest cryptocurrency seizures in UK law enforcement history. The case underscores increased law enforcement capability to trace, seize, and litigate high‑value digital assets tied to cross‑border fraud.
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What have officials said about the investigation?
Will Lyne, head of the Metropolitan Police’s economic and cybercrime command, described the guilty plea as the result of years of dedicated investigation. Crown Prosecution Service Deputy Chief Crown Prosecutor Robin Weyell emphasized the CPS commitment to prosecuting laundering of cryptocurrency proceeds and collaborating with investigative partners.
Frequently Asked Questions
Who else was involved in the scheme?
Authorities identified at least one named conspirator, Jian Wen, who was convicted of money laundering and received a prison sentence plus a financial order. Civil and criminal proceedings continue against other alleged participants.
How were the victims affected and what remedy is available?
Approximately 128,000 victims lost funds to the fraudulent investment operation. Civil recovery actions aim to identify legitimate claimants, but UK-based counsel has described proving proprietary claims for international investors as a considerable legal challenge.
Key Takeaways
- Scale of seizure: 61,000 Bitcoin seized, valued near $7 billion.
- Scope of fraud: Scheme ran 2014–2017 and affected roughly 128,000 individuals.
- Legal next steps: Guilty plea will be followed by sentencing and civil recovery proceedings for claimants.
Conclusion
The guilty plea by Zhimin Qian and the recovery of 61,000 Bitcoin mark a major enforcement outcome in global crypto crime investigations. The case highlights evolving investigative methods and legal complexities in asset recovery. Readers should follow ongoing civil proceedings and official statements from law enforcement for updates.
Published: 2025-09-29 | Updated: 2025-09-29 | Author: COINOTAG
Reporting draws on statements from the Metropolitan Police and the Crown Prosecution Service; additional background reported by COINOTAG (plain text reference).
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