China’s Biggest Bitcoin Fraud: Woman Convicted of $6.7 Billion Scam

A Chinese woman, Zhimin Qian (also known as Yadi Zhang), has been convicted in the UK for orchestrating the world’s largest Bitcoin scam. Her scheme involved defrauding over 128,000 individuals in China, ultimately leading to a seizure of 61,000 BTC worth approximately $6.7 billion, making it the biggest crypto seizure ever recorded in the UK. Qian lured victims into fake investment schemes between 2014 and 2017, targeting mostly elderly Chinese citizens including professionals and judges. Her tactics involved promising lucrative returns that were never delivered. She then converted her ill-gotten gains to Bitcoin to mask her illicit activities. Authorities, after a seven-year investigation based on a minor tip-off, tracked Qian down and seized her assets. This case has exposed the global scope of crypto fraud and emphasizes the need for stricter regulation within the industry.