London prosecutors have secured a guilty plea in what is being called the biggest Bitcoin fraud case in history.
Zhimin Qian, a Chinese citizen who also went by the name Zhang Yadi, confessed at Southwark Crown Court to orchestrating a vast crypto scam that duped more than 128,000 people.
Between 2014 and 2017, Qian lured mostly middle-aged and elderly investors in China with promises of daily dividends and risk-free returns, disguising the scheme as legitimate Bitcoin investments.
Authorities estimate the fraud reached a staggering $6.7 billion, making it one of the most lucrative crypto cons ever prosecuted.
Police in London revealed they seized 61,000 Bitcoins linked to Qian – an amount so large it effectively doubles the UK government’s own digital asset reserves. Investigators said she fled China using false documents before attempting to launder the stolen funds through luxury real estate purchases in Britain.
Officials described the bust as the biggest virtual asset seizure in UK history. The case underscores how the frenzy surrounding early Bitcoin adoption allowed fraudsters to exploit unsuspecting investors, many of them aged 50 to 75, with promises that were “too good to be true.”
Qian now awaits sentencing, with prosecutors labeling her “the world’s biggest Bitcoin fraudster.”
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Source: https://coindoo.com/worlds-biggest-bitcoin-fraudster-pleads-guilty-in-6-7-billion-case/