Zhimin Qian, the Chinese “cryptoqueen” arrested for masterminding a $5.5 billion Bitcoin scam, has been sentenced to 11 years and eight months in prison in the U.K.
Qian, 47, was the mastermind behind a major crypto fraud scheme that defrauded over 128,000 people across China between 2014 and 2017. The sentencing took place at London’s Southwark Crown Court, Reuters reported.
Also known as Yadi Zhang and nicknamed the “Goddess of Wealth,” Qian pleaded guilty to two charges of money laundering in September. On November 11, Judge Sally-Ann Hales handed down her prison sentence.
Qian’s arrest followed an extensive operation by UK police targeting the fraudster, who had fled China and attempted to assume a new identity in Britain. The case marked one of the largest Bitcoin seizures in history, with British authorities confiscating over 61,000 bitcoins (BTC), currently valued at more than $6 billion.
Initially, Qian claimed to be a victim of a government crackdown in China and a “successful crypto entrepreneur.” However, investigations revealed that her company had solicited investments from unsuspecting investors, collecting nearly 40 billion renminbi (approximately $5.5 billion).
The subsequent fraud saw Qian embezzle over 6 billion renminbi, with the proceeds held in Bitcoin. When Chinese authorities began closing in on the scam’s architects, Qian fled the country. She later entered the UK using fake documents and engaged in a laundering spree.
Authorities report that she enlisted accomplices and lived lavishly while enjoying her ill-gotten crypto fortune. One of her accomplices, Jian Wen, was sentenced to over six years in jail.
Qian’s 11-year sentence is slightly lower than the maximum of up to 14 years she faced, marking a significant conclusion to a high-profile crypto fraud case.
https://bitcoinethereumnews.com/tech/cryptoqueen-scammer-zhimin-qian-jailed-11-years-in-the-uk/
