In a dramatic conclusion to one of the world’s largest cryptocurrency fraud cases, a British court has sentenced Zhimin Qian, a 47-year-old Chinese businesswoman dubbed the "cryptoqueen," to more than 11 years in prison for orchestrating a multi-billion dollar Ponzi scheme that ensnared over 128,000 victims in China. The sentencing, which took place on November 11, 2025, at Southwark Crown Court in London, marks the end of a years-long international manhunt and a saga that reads like the plot of a high-stakes thriller.
According to The Livingston Enterprise and corroborated by multiple outlets including the Associated Press, Qian was found guilty of defrauding tens of thousands of investors out of their life savings and pensions between 2014 and 2017. The scam operated as a classic pyramid scheme, luring in victims with the promise of lucrative returns on supposed business ventures. Instead, their money vanished into a labyrinth of shell companies and, ultimately, cryptocurrency wallets controlled by Qian herself.
The scale of the crime is staggering. British police, after a painstaking investigation, recovered devices containing 61,000 Bitcoin—worth approximately £5 billion, or $6.6 billion at the time of seizure. This haul represents the largest cryptocurrency seizure in UK history. The Metropolitan Police described the case as "one of the largest money laundering cases in UK history," underscoring the unprecedented nature of both the crime and the challenge faced by law enforcement.
Qian’s arrest came in April 2024, after years spent evading authorities across Europe. During her time on the run, prosecutors said, she lived an "extravagant" lifestyle, staying in luxury hotels, buying fine jewelry and watches, and making attempts to convert her ill-gotten Bitcoin into legitimate assets. In London, she rented a lavish home for more than £17,000 ($23,000) a month and sought—unsuccessfully—to purchase multi-million-pound properties. Her efforts to launder the funds were ultimately foiled by a combination of dogged police work and the digital footprints left by her cryptocurrency transactions.
Investigators uncovered a trove of handwritten notes that shed light on Qian’s ambitions and eccentricities. Among her documented aspirations was an "intention to become the monarch of Liberland," a self-proclaimed microstate nestled between Croatia and Serbia. Other notes revealed her hopes of "meeting a duke and royalty," suggesting that her dreams of grandeur extended well beyond the financial realm.
When it came time for sentencing, Judge Sally-Ann Hales did not mince words. "Your motive was one of pure greed. You left China without a thought for the people whose investments you had stolen and enjoyed for a period of time a lavish lifestyle. You lied and schemed, all the while seeking to benefit yourself," Hales said, according to the Associated Press. The judge described Qian as the "architect of the crimes from start to finish," emphasizing the cold calculation and relentless self-interest that characterized her actions.
Qian pleaded guilty to money laundering offenses and to transferring and possessing criminal property. Her sentence—11 years and eight months in prison—reflects both the vast sums involved and the profound harm inflicted on her victims, many of whom lost everything. The court proceedings also saw the sentencing of her accomplice, Seng Hok Ling, a 47-year-old Malaysian national. Ling admitted to helping Qian transfer and launder the cryptocurrency and received a four-year, 11-month prison sentence for his role.
The victims of Qian’s scheme came from all walks of life, but what united them was a sense of betrayal and loss. Many had invested their life savings or pensions, convinced by Qian’s promises of high returns and her carefully constructed image of success. According to British authorities cited by Reuters, the scheme drew in around 128,000 victims in China alone, with billions of dollars flowing into Qian’s network of fraudulent enterprises.
As the net closed in, Qian fled China under a false identity, using forged documents to enter the UK. Once there, she continued to live in luxury while attempting to convert her Bitcoin holdings into assets that would allow her to enjoy her wealth openly. But her efforts were ultimately unsuccessful, as law enforcement agencies in both China and the UK coordinated to track her financial movements and eventually apprehend her.
For the authorities who brought her to justice, the case represents both a triumph and a warning. The sheer scale of the fraud, combined with the use of cryptocurrency to obscure the trail of stolen money, highlights the challenges facing law enforcement in the digital age. The UK’s Metropolitan Police, who led the investigation, pointed to the case as an example of how technology can both enable and ultimately expose criminal activity.
The story of Zhimin Qian is also a cautionary tale for would-be investors. The promise of quick riches, especially in the opaque and rapidly evolving world of cryptocurrency, can be seductive—but it can also be a mirage. The victims of Qian’s scheme learned this lesson the hard way, losing not just money but, in many cases, their trust in financial systems and in the people who operate them.
Qian’s case is not the first major cryptocurrency fraud to make headlines, but it is among the most significant in terms of both the sums involved and the international scope of the investigation. Her conviction and sentencing send a clear message: even the most sophisticated schemes can unravel, and those responsible will be held to account.
For now, Qian will serve her sentence in a British prison, her dreams of royalty and riches dashed by the very system she sought to outwit. The Bitcoin she amassed—once a symbol of her audacious success—now stands as evidence of her crimes and a warning to others who might be tempted to follow in her footsteps.
The saga of the "cryptoqueen" may be over, but the ripples from her actions are likely to be felt for years to come, both in the lives of her victims and in the ongoing efforts to police the wild frontiers of digital finance.
