A Chinese woman nicknamed the “Goddess of Wealth” has been sentenced to nearly 12 years in prison after orchestrating one of the largest Bitcoin frauds in history, stealing billions from investors and laundering the money through the UK.
47-year-old Zhimin Qian ran a massive Ponzi scheme in China between 2014 and 2017 that promised investors returns of up to 300%. Her company, Lantian Gerui, or Blue Sky Greet in English, claimed to use investor funds to mine cryptocurrency and develop high-tech products. In reality, police say it was a front for one of the biggest financial scams ever uncovered.
The scheme defrauded more than 128,000 victims, pulling in an estimated $7.2 billion before collapsing. Much of that money was converted into Bitcoin and moved overseas.
‘Goddess of Wealth’ sentenced after massive multi-billion Bitcoin bust
After fleeing China, Qian settled in a mansion in Hampstead, north London, under a false identity. Following years on the run, she was finally caught in 2024 after an extensive investigation by the Metropolitan Police.
When officers raided her London property, they found hard drives loaded with 61,000 Bitcoin, worth over £5 billion ($6.6 billion), the largest cryptocurrency seizure in British history.
Qian’s accomplice, Hok Seng Ling, a 47-year-old Malaysian national, also pleaded guilty to money laundering and was sentenced to nearly five years behind bars.
“This is one of the largest money-laundering cases in UK history and among the highest-value cryptocurrency cases globally,” said Will Lyne, head of the Met’s Economic and Cybercrime Command. “Through meticulous investigation and unprecedented cooperation with Chinese law enforcement, we were able to prove the criminal origins of these crypto assets.”
At London’s Southwark Crown Court, Judge Sally-Ann Hales told Qian her crimes were “highly sophisticated” and motivated purely by “pure greed.”
Qian, who appeared emotional in court, pleaded guilty in September to possessing and transferring criminal property. She was sentenced to 11 years and eight months.
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