UK Court Secures Guilty Plea in Record $7B BTC Fraud Case
A Chinese national has pleaded guilty in a UK court to charges connected to one of the largest cryptocurrency frauds in history, .
Zhimin Qian, also known as Zhang Yadi, admitted to possessing and transferring criminal property—over 61,000 BTCs—during a hearing at Southwark Crown Court in London on September 29, 2025.
The seized BTCs, discovered in 2018 during a raid on a Hampstead mansion, are currently valued at approximately £5.1 billion (around $6.7 billion), making this one of the largest cryptocurrency seizures globally.
Between 2014 and 2017, Qian operated a fraudulent investment scheme in China through her company, Tianjin Lantian Gerui Electronic Technology.
The scheme defrauded over 128,000 investors by promising high returns and converting the illicit funds into BTC. later than fleeing China in 2017, Qian attempted to launder the proceeds by purchasing properties in the UK and Dubai.
The UK authorities’ investigation, which began in 2018, led to the seizure of the vast BTC stash. Qian’s former associate, Jian Wen, was convicted in 2024 for her role in the laundering operation.
UK doubles Down on Enforcement in the Market
UK enforcement has been doubling down on tightening consumer protection in the market.
This recent move follows an August incident where an , requested customers’ private details, leading to a $2.8 million .
While there is still no trace of the culprit, UK enforcement has promised to strengthen user protection, adding: “We will NEVER call you unexpectedly to discuss your crypto assets or ask you to take action on your cold storage device.”
Some crypto platforms are also making efforts to combat scams in the market. , a tool to detect scams and provide incentives for their discovery.
Users who are able to identify and flag scams receive rewards in the native token BMT, with weekly payouts attached. Likewise, that in 2024, the total amount received in illicit crypto transactions was approximately $40.9 billion.
