• Qian Zhimin sentenced to 11 years and 8 months in prison for masterminding a fraud scheme in China.
• She laundered billions of dollars through Bitcoin, involving 128,000 victims.
• UK police seized 61,000 Bitcoin, the largest cryptocurrency seizure in history.
• Qian lived a lavish lifestyle while evading capture for 7 years before her arrest in 2024.
• Efforts to compensate victims are underway in the UK High Court.

Qian Zhimin, a Chinese national, was sentenced to 11 years and 8 months in prison by London's Southwark Crown Court for orchestrating a multibillion-dollar Ponzi scheme that defrauded approximately 128,000 people in China. The scheme raised around 40 billion renminbi (about $5.62 billion), much of which was converted to Bitcoin, leading to her charges of money laundering and possession of criminal property, according to Reuters.

The court characterized Qian as the architect of a "sophisticated" fraud operation that accrued enormous wealth at the expense of unsuspecting investors. Judge Sally-Ann Hales highlighted her greed-driven motives while emphasizing the unprecedented scale of her operations, leading to what the Metropolitan Police described as the largest cryptocurrency seizure in UK history, amounting to 61,000 Bitcoin currently valued at around £5 billion (approximately US$6.3 billion), according to South China Morning Post and Channel News Asia.

Following a crackdown in China, Qian fled in 2017, traveling through Southeast Asia before reaching the UK, where she assumed a false identity. Her life in London was one of lavish spending, where she rented high-end properties and attempted to purchase luxury items using proceeds from her fraudulent schemes. Prosecutors revealed that despite her luxurious lifestyle, she sought to evade capture, living under an alias and employing various accomplices for her operations, as reported by India Times and Al Jazeera.

Diverse tactics characterized her attempt to escape law enforcement. In 2024, she was arrested after the police closed in on her, having followed leads from her associates. Prosecutors discovered over £62 million ($81.4 million) worth of cryptocurrency, cash, and lavish property purchases among her assets, with the court emphasizing the fraudulent nature of her operation, according to Reuters and Channel News Asia.

British authorities continue to explore compensation efforts for the thousands defrauded by Qian’s schemes. Ongoing civil cases in London seek to determine the extent of victim compensation and the potential recovery of Bitcoin for investors impacted by her fraudulent activities, marking a significant step in addressing the aftermath of Qian's expansive Ponzi scheme as outlined by Channel News Asia and South China Morning Post.