London, November 12, 2025 – In a landmark ruling that underscores the growing global crackdown on cryptocurrency-enabled fraud, a British court has sentenced Zhimin Qian, a 47-year-old Chinese national dubbed the "Goddess of Wealth," to 11 years and eight months in prison for masterminding one of the largest Ponzi schemes in history. Qian, also known by her alias Yadi Zhang, was convicted of possessing and transferring criminal property under the UK's Proceeds of Crime Act (2002), following a seven-year investigation that culminated in the world's largest single seizure of bitcoin – 61,000 coins valued at more than £5 billion ($6.6 billion) at current prices.
The sentencing took place on Tuesday at Southwark Crown Court in London, where Judge Sally-Ann Hales described Qian's operation as a "highly sophisticated" enterprise driven by "pure greed." Hales emphasized Qian's central role, stating, "You were the architect of this offending from its inception to its conclusion," and noted the "careful planning" that allowed the fraud to span continents and ensnare tens of thousands of victims. Qian, who appeared emotional in the dock and wept during the proceedings, had pleaded guilty in September to the charges, avoiding a full trial but facing the maximum possible penalties for her involvement.
Qian's fraudulent activities trace back to 2014, when she launched what appeared to be a legitimate investment firm in China called Lantian Gerui. Operating under the guise of high-yield financial products, the scheme promised investors returns of up to 300 percent through purportedly secure ventures in agriculture, real estate, and emerging technologies. In reality, it was a classic Ponzi scheme, relying on funds from new investors to pay "returns" to earlier ones, while Qian siphoned off billions for personal gain. Between 2014 and 2017, the operation defrauded approximately 128,000 victims – many of them ordinary Chinese citizens, including retirees who invested their life savings and pensions – raising an estimated £4.6 billion ($6 billion).
To obscure the illicit origins of these funds, Qian converted a significant portion into bitcoin, a then-nascent cryptocurrency that offered anonymity and ease of transfer across borders. At the time, bitcoin's value was far lower – often trading below $1,000 per coin – allowing her to amass a vast digital fortune that ballooned in worth as the crypto market surged. Prosecutors detailed how Qian and her network laundered the proceeds through a web of shell companies, luxury purchases, and international wire transfers, exploiting bitcoin's pseudonymous nature to evade detection.
Scrutiny from Chinese authorities intensified in mid-2017, when police attempted to arrest Qian at a lavish Lantian Gerui event. She evaded capture by fleeing on a moped toward the Myanmar border, using fake passports to traverse Southeast Asia and Europe before arriving in the UK in September 2017 under the alias Yadi Zhang. In Britain, Qian adopted a life of opulence that starkly contrasted the devastation she left behind. She rented a sprawling London mansion for £17,000 ($22,000) per month in the upscale Kensington area, frequented luxury hotels across Europe, and splurged on high-end jewelry, including two Rolex watches valued at nearly £120,000 ($157,000). Court documents revealed her entourage included four illegally employed staff members – hired for shopping, cleaning, and security – whom she bound with strict non-disclosure contracts carrying £10,000 ($13,000) penalties for breaches.
Qian's ambitions extended beyond mere extravagance. Handwritten diary entries seized by police exposed her grandiose plans, including an intention to become the "monarch" of Liberland – a self-proclaimed micronation on a disputed sliver of land between Croatia and Serbia. She earmarked millions from her bitcoin hoard for this quixotic project, even as she plotted repayments to victims once bitcoin hit £50,000 per coin (a threshold it surpassed years ago). To convert her digital wealth into tangible assets, she enlisted accomplices, including Malaysian national Seng Hok Ling, 47, who was sentenced alongside her to four years and 11 months for transferring criminal property. Ling's role involved moving a wallet containing 150 bitcoin, valued at £1.7 million ($2.2 million) at the time, and he was caught nervously researching money laundering penalties online.
Another key associate, Jian Wen, a former takeaway worker, was convicted earlier and sentenced in May 2024 to six years and eight months for her part in laundering funds, including attempts to purchase multimillion-pound properties in London. Wen was ordered to repay over £3.1 million ($4 million) or face additional jail time.
The breakthrough in the UK came through relentless police surveillance. The Metropolitan Police's Economic Crime Command, led by Detective Superintendent Isabella Grotto, tracked Ling's movements, which ultimately led to Qian's arrest in York, northern England, in April 2024. At the time, officers recovered not only the massive bitcoin stash but also £62 million ($81 million) in additional crypto wallets, stacks of cash, and multiple false passports. Will Lyne, head of the Met's Economic and Cybercrime Command, hailed the probe as "one of the largest and most complex" in the force's history, crediting "unprecedented cooperation" with Chinese law enforcement. The investigation, launched in 2018 based on intelligence about suspicious asset transfers, involved sifting through thousands of documents across jurisdictions and leveraging cutting-edge blockchain analytics to trace the bitcoin's criminal origins.
The human toll of Qian's scheme remains profound. More than 1,300 victims have come forward in ongoing civil proceedings at London's High Court, where authorities are crafting a compensation fund from the seized assets. One anonymous victim, referred to as Mr. Yu, told reporters his marriage dissolved amid the financial ruin, pleading for "compassion" from UK officials to return even a fraction of the losses through the bitcoin haul. Chinese investors, many elderly and trusting of Qian's charismatic persona – she was often photographed at events in elegant qipaos, earning her the "Goddess of Wealth" moniker – lost everything to what prosecutors called a "super villain" operation.
In a statement following the sentencing, Qian's lawyer, Roger Sahota of Berkeley Square Solicitors, portrayed his client as a "Bitcoin pioneer" who "never set out to commit fraud" but acknowledged the schemes "misled those who trusted her." He added that Qian is "deeply sorry for the distress suffered by investors" and hopes "some good endures from the wealth her work created," emphasizing her intent to facilitate victim repayments now that bitcoin's value has soared. Sahota noted the plea could bring "comfort" to victims waiting since 2017, as the crypto's appreciation ensures "more than sufficient funds" for compensation.
International cooperation has been pivotal. A spokesperson for China's Foreign Ministry told Agence France-Presse (AFP) that Beijing and London are "cooperating on cross-border fugitive and asset recovery" in this case, reflecting a broader push against illicit finance in the digital age. UK Attorney General Richard Hermer praised the outcome as a victory against "two prolific fraudsters" who "caused misery upon thousands" to fund their excesses.
This case highlights the dual-edged sword of cryptocurrencies: a tool for innovation but also a haven for criminals. As Deputy Chief Crown Prosecutor Robin Weyell noted, "Bitcoin and other cryptocurrencies are increasingly being used by organised criminals to disguise and transfer assets," underscoring the need for enhanced global regulatory frameworks. With civil recovery proceedings ongoing, victims may yet see restitution, but Qian's decade-long saga serves as a stark warning of greed's long shadow in the volatile world of digital finance.
