UK police recover £5bn in bitcoin in the world’s largest cryptocurrency seizure as Chinese fraudster Qian Zhimin pleads guilty to laundering stolen funds

A Chinese national, Qian Zhimin, has been convicted in a landmark crypto fraud case after the UK’s Metropolitan Police seized over 61,000 bitcoin, worth more than £5 billion ($6.7 billion) — making it the largest cryptocurrency seizure in the world to date.

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Zhimin, 47, who also went by the alias Yadi Zhang, pleaded guilty on Monday, 30 September, at Southwark Crown Court to charges related to illegally acquiring and possessing digital assets tied to a massive investment fraud scheme that targeted over 128,000 victims in China between 2014 and 2017.

The multi-billion-pound seizure followed a seven-year transnational investigation involving international law enforcement, financial intelligence units, and anti-money laundering agencies.

Authorities say Zhimin had fled China, entered the UK using false documents, and attempted to launder the stolen funds by investing in UK property and other assets.

Detective Sergeant Isabella Grotto, who led the complex probe, said the case represents “a new frontier in tackling financial crime.”

“This investigation required extensive cooperation with international partners. Qian had been evading justice for five years before she was tracked down in the UK.”

The bitcoin, originally acquired through an investment scam in China, had been stashed across various digital wallets.

The Metropolitan Police, acting on intelligence, carried out searches that led to the recovery of over 61,000 BTC, now valued at over £5 billion — the single largest crypto recovery by any law enforcement agency globally.

The case also saw Malaysian national Seng Hok Ling plead guilty to laundering funds on Qian’s behalf.

He now faces confiscation proceedings of at least £16.2 million, with final amounts to be calculated based on bitcoin valuations ahead of sentencing on 10 November.

UK prosecutors have described the operation as “a landmark moment” in the fight against crypto-enabled financial crime.

Deputy Chief Crown Prosecutor Robin Weyell commented:

“This case illustrates the enormous criminal proceeds available to fraudsters and the growing role of cryptocurrencies in laundering illicit wealth.”

Qian was previously linked to Jian Wen, a former takeaway worker convicted in 2024 for laundering part of the proceeds.

Wen was sentenced to six years and eight months, after investigators uncovered her lavish lifestyle and Dubai property acquisitions, allegedly funded through illegal bitcoin transactions.

The seizure comes amid UK reforms to crime legislation aimed at giving law enforcement more power to freeze and recover digital assets, as criminals increasingly turn to blockchain to obscure the source of their wealth.

Security Minister Dan Jarvis said:

“This is a clear signal that Britain will not serve as a haven for money launderers. These crimes erode trust and fuel serious organised crime.”

Qian’s conviction follows a series of high-profile crypto-related crimes:

In February 2025, the Bybit hack saw North Korea’s Lazarus Group steal $1.5 billion in Ethereum, allegedly to fund military operations.
The OneCoin scam, which ran from 2014 to 2017, defrauded investors of $4.4 billion.

Its alleged leader, Ruja Ignatova, remains one of the world’s most wanted fugitives.

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Qian remains in custody, and her sentencing alongside Seng Hok Ling in November is expected to close what prosecutors call “one of the most significant financial crime cases of the crypto era.”