A Chinese woman, Zhimin Qian, also known as Yadi Zhang, has been convicted in the United Kingdom for her role in a massive cryptocurrency fraud scheme. The conviction follows a historic seizure of $7.39 billion (£5.5 billion) in Bitcoin from her London residence, which is considered the largest single cryptocurrency confiscation in the world. Qian, aged 47, pleaded guilty to charges related to possessing and acquiring criminal property. Her sentencing date has yet to be scheduled.
The investigation began in 2018 when the Metropolitan Police received a tip about the movement of criminal assets. Authorities allege that Qian masterminded a large-scale fraud operation in China that defrauded more than 128,000 victims, mostly individuals aged 50 to 75. The scheme enticed victims to invest their money with false guarantees of daily dividends and significant profits. The funds were then converted into Bitcoin. After the fraud, Qian reportedly fled China using false documents and entered the U.K., where she attempted to launder the illicit funds by purchasing property. She was arrested in April 2024.
Qian’s accomplice, Jian Wen, was also sentenced to six years and eight months in prison for her part in the scheme, which included helping to move a cryptocurrency wallet containing 150 Bitcoin. Wen was later ordered to repay more than $4.16 million (£3.1 million) or face additional jail time. This conviction and seizure come as part of a broader global effort to combat cybercrime. In a separate operation known as “Contender 3.0,” authorities in 14 African countries arrested 260 suspects and seized over 1,235 electronic devices. This coordinated effort, which took place between late July and mid-August 2025, focused on tackling cyber-enabled crimes like romance scams and sextortion.
The African crackdown, which involved countries such as Ghana, Nigeria, and Kenya, targeted transnational criminal networks that used social media and other digital platforms to manipulate and defraud victims. The operation identified 1,463 victims and resulted in over $2.8 million in total losses. The suspects used fake profiles, forged identities, and stolen images to deceive victims. In some cases, they tricked individuals into sharing intimate photos or videos, which were then used for blackmail.
Along with the arrests, officials confiscated USB drives, SIM cards, and forged documents used by the suspects. The operation also led to the dismantling of 81 cybercrime infrastructures across the continent. With support from private sector partners like Group-IB and Trend Micro, authorities were able to gather critical intelligence on the perpetrators and their methods. According to INTERPOL’s Cyril Gout, digital-enabled crimes like romance scams and sextortion are sharply on the rise in Africa, causing significant financial and psychological harm to victims.
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