In a landmark judgment, a United Kingdom court has sentenced a Chinese woman, infamously known as the 'Crypto Queen', to over 11 years in prison for orchestrating a massive Ponzi scheme that defrauded more than 128,000 people in China and involved Bitcoin worth a staggering 5 billion pounds.
The Elusive 'Crypto Queen' and Her Lavish Lifestyle
Zhimin Qian, a 47-year-old businesswoman, was finally brought to justice at the Southwark Crown Court on Tuesday. Dubbed the 'cryptoqueen' by British media, Qian had been evading authorities for years, living an extravagant life across Europe. Prosecutors revealed that she stayed in luxury hotels, purchased fine jewellery and expensive watches, and funded this lifestyle with the proceeds of her crime.
Upon attracting the attention of Chinese authorities, Qian fled to the UK using a fake identity. Once in London, she rented a lavish house for an eye-watering 17,000 pounds per month, further illustrating the scale of her illicit wealth.
The Massive Pyramid Scheme and Record Crypto Seizure
According to police, Qian operated a large-scale pyramid scheme between 2014 and 2017. Her business lured in over 128,000 investors, many of whom invested their entire life savings and pensions, trusting her with their financial security.
Authorities confirmed that she converted the illegally obtained funds into Bitcoin assets. The investigation into her activities led to the largest cryptocurrency seizure in UK history, with officers recovering devices containing 61,000 Bitcoin.
Justice Served and an Accomplice's Role
Zhimin Qian pleaded guilty to charges of money laundering and transferring and possessing criminal property. The court sentenced her to 11 years and 8 months in prison.
She was not alone in the dock. Her accomplice, Seng Hok Ling, a 47-year-old Malaysian national, was accused of assisting Qian in transferring and laundering the cryptocurrency. Ling pleaded guilty to one count of transferring criminal property and was sentenced to 4 years and 11 months in jail by the same court.
Investigators also uncovered notes written by Qian that detailed her extraordinary aspirations, including her 'intention to become the monarch of Liberland', a self-proclaimed micronation located on a strip of land between Croatia and Serbia. This bizarre ambition highlights the extent of her detachment from the financial ruin she caused to thousands.
