On September 29, 2025, the Metropolitan Police in London announced what is believed to be the world’s largest cryptocurrency seizure, worth a staggering £5.5 billion—roughly $7.39 billion at current exchange rates. The operation, which has drawn international attention, resulted in the confiscation of 61,000 Bitcoin from Zhimin Qian, a 47-year-old Chinese national also known as Yadi Zhang. Qian pleaded guilty at Southwark Crown Court to charges related to acquiring and possessing illicit cryptocurrency, culminating a seven-year investigation that spanned continents and involved thousands of victims.
The roots of this case stretch back to 2014, when Qian orchestrated a massive fraud in China. According to the Metropolitan Police and as reported by BBC, she promised daily dividends and guaranteed profits to unsuspecting investors, most of whom were between 50 and 75 years old. Over 128,000 people were duped, pouring “hundreds of thousands to tens of millions” of yuan into her schemes, as described by Chinese media outlet Lifeweek. Many victims were encouraged to join by friends and family, and some even included business people, bank employees, and members of the judiciary.
Qian’s company, which claimed it would help China become a global hub for finance and technology, showcased impressive-sounding projects and investments. But the reality was far darker. Between 2014 and 2017, she siphoned off the funds, converting the proceeds into Bitcoin—a move that would set the stage for one of the most significant money laundering cases in British legal history.
After Chinese authorities began investigating, Qian fled her home country using false documents. She entered the UK in 2018, evading justice for five years. The Metropolitan Police’s Economic Crime team launched their probe that same year after receiving a tip-off about suspicious transfers of criminal assets. Detective Sergeant Isabella Grotto, who led the investigation, described the case as “years of painstaking work,” involving evidence from multiple jurisdictions and the careful review of thousands of documents. “When our team located Zhimin Qian, she had been evading justice for five years, and her arrest triggered a complex investigation requiring evidence from multiple jurisdictions and the careful review of thousands of documents,” Grotto said, according to a Met Police release.
Once in the UK, Qian attempted to launder the stolen money by purchasing property. She did not act alone. Jian Wen, a 44-year-old Chinese takeaway worker, played a crucial role in the operation. Wen helped move a cryptocurrency wallet containing 150 Bitcoin—then valued at £1.7 million—and assisted Qian in buying property. According to the Crown Prosecution Service (CPS), Wen laundered proceeds from the scam, moving from living above a restaurant to a “multi-crore rented house” in North London and purchasing two properties in Dubai worth more than £500,000. In May 2024, Wen was sentenced to six years and eight months in prison for her role, and in January 2025, a court ordered her to repay over £3.1 million or face additional prison time. The Met also seized over £300 million worth of Bitcoin from Wen.
The scale of the operation—and the subsequent investigation—was unprecedented. “Today’s guilty plea marks the culmination of years of dedicated investigation by the Met’s Economic Crime teams and our partners. This is one of the largest money laundering cases in UK history and among the highest-value cryptocurrency cases globally. I am extremely proud of the team,” said Will Lyne, the Metropolitan Police’s Head of Economic and Cybercrime Command, as reported by SkyNews. He emphasized the “meticulous investigation and unprecedented cooperation with Chinese law enforcement” that made it possible to obtain compelling evidence of the criminal origins of the cryptoassets Qian attempted to launder in the UK.
For the thousands of victims, the case has been both a tragedy and, in some ways, a relief. Many have received partial compensation through a scheme established in China, though the emotional and financial toll remains significant. “My thoughts are with the thousands of victims defrauded in this scheme, and I hope today’s outcome acknowledges the harm Qian inflicted and reinforces the Met’s unwavering commitment to justice,” Lyne added.
The case has also put a spotlight on the growing use of cryptocurrencies by organized criminals. “Bitcoin and other cryptocurrencies are increasingly being used by organised criminals to disguise and transfer assets, so that fraudsters may enjoy the benefits of their criminal conduct,” said Robin Weyell, Deputy Chief Crown Prosecutor for the CPS. “This case, involving the largest cryptocurrency seizure in the UK, illustrates the scale of criminal proceeds available to those fraudsters.” Weyell noted that the CPS will now work to ensure, through criminal confiscation and civil proceedings, that the criminal assets remain beyond the fraudsters’ reach.
The investigation’s international dimension cannot be overstated. Detective Sergeant Grotto highlighted the “unprecedented cooperation with Chinese law enforcement,” and the Met acknowledged the support of the National Crime Agency and the CPS, as well as law enforcement teams in Tianjin and Beijing. The collaboration was essential in “obtaining compelling evidence of the criminal origins of the cryptoassets Qian attempted to launder in the UK.”
Yet, the story doesn’t end with the convictions. The UK and China are reportedly clashing over the fate of the seized billions, with London counting on the windfall for budget plans. The Metropolitan Police confirmed that the investigation is still ongoing, and the CPS is working to ensure that neither Qian nor her associates can reclaim the stolen assets. Qian remains in custody ahead of sentencing, which has yet to be scheduled.
The case is a landmark for both British and international law enforcement, demonstrating the power—and the peril—of cryptocurrencies in the modern era. It also serves as a sobering reminder: behind every headline-grabbing sum lies a vast network of victims, many of whom will never fully recover. As the UK moves to secure the seized assets and prevent future fraud, the echoes of Qian’s scheme will likely reverberate through the financial and legal worlds for years to come.
