Unprecedented Cryptocurrency Seizure in UK History
A Chinese businesswoman, infamously known as the "Cryptoqueen," is awaiting sentencing in London this week following a massive cryptocurrency seizure by UK police. Authorities uncovered over £5 billion worth of Bitcoin hidden within her Hampstead mansion, marking what is believed to be the largest such seizure in British history.
Qian Zhimin, 47, who also used aliases including Yadi Zhang and Little Flower, pleaded guilty to money-laundering offenses. The Metropolitan Police's discovery followed her flight from China, where she allegedly orchestrated a vast investment scam.
The Lantian Gerui Pyramid Scheme
Prosecutors revealed that Qian was the mastermind behind an enormous pyramid-style investment scheme operated through her company, Lantian Gerui (translated as Bluesky Greet). Founded in China in 2014, the company purported to develop futuristic health technologies and engage in cryptocurrency mining.
Lantian Gerui attracted over 120,000 investors across China, many of whom were middle-aged or elderly. The UK's Crown Prosecution Service (CPS) stated that the company's purported profits were fabricated, and that new investors' funds were used to pay existing ones, a classic characteristic of a Ponzi scheme. The total estimated deposits from victims exceed 40 billion yuan, equivalent to approximately £4.2 billion or $5.6 billion.
Detective Constable Joe Ryan of the Metropolitan Police described Qian as "very clever, very manipulative, and able to persuade a lot of people," highlighting her central role in the elaborate fraud.
Exploiting Dreams and Patriotism
The scheme enticed clients with promises of wealth, claiming they could "get rich while lying down." Investors were initially given small daily payouts to build trust, which encouraged them to invest even more, often by borrowing money. One investor, identified as Mr. Yu, recounted how the company "just pumped up our dreams… until we lost all self-control, all critical judgment," leading to the loss of his savings and subsequent marriage breakdown.
Lantian Gerui also leveraged patriotism, organizing lavish events and claiming to contribute to China's global standing. According to victims, prominent figures, including the son-in-law of former leader Chairman Mao Zedong, appeared at these events to endorse the scheme. Mr. Yu noted that their "patriotism was our Achilles’ heel, that’s what they exploited."
Escape to London and Lavish Lifestyle
As Chinese authorities began investigating Lantian Gerui in mid-2017, Qian fled China using a fake passport and established herself in the UK. She rented a mansion in Hampstead, north London, at a cost of £17,000 per month, funded by converting a portion of her cryptocurrency fortune into cash and property.
To facilitate her money-laundering activities, Qian hired Wen Jian, a former takeaway worker, as her personal assistant. Jian was later convicted of money laundering and received a six-year prison sentence. She testified in court that Qian spent her days primarily "lying in bed, gaming and shopping online."
Despite her circumspect lifestyle, Qian harbored grand ambitions, as evidenced by diary entries detailing plans to "found an international bank, buy a Swedish castle," and even become "Queen of Liberland," a self-proclaimed micro-nation located on the Croatian-Serbian border.
The Metropolitan Police Raid and Bitcoin Seizure
Qian's elaborate scheme began to unravel when Wen Jian attempted to purchase a luxury property in Totteridge Common. Her inability to account for the source of Qian's funds triggered a money-laundering investigation by the Metropolitan Police. This investigation culminated in a raid on Qian's Hampstead property in 2018.
During the raid, officers discovered hard drives and laptops containing tens of thousands of Bitcoin. At the time, these holdings were worth hundreds of millions of pounds, but their current valuation exceeds £5 billion. The Metropolitan Police officially declared this seizure as "the single largest cryptocurrency seizure in UK history."
Arrest and Guilty Plea
Qian managed to evade detection for several years until her arrest in York in April 2024. Law enforcement also apprehended four other Chinese nationals working illegally as her domestic staff, responsible for cleaning, shopping, and security.
Initially, Qian denied any wrongdoing, claiming she was a victim of a Chinese government crackdown on cryptocurrency entrepreneurs. However, during her trial in September 2025 at Southwark Crown Court, she unexpectedly changed her plea to guilty on charges of acquiring and possessing criminal property.
She is now awaiting sentencing, which commenced this week and is anticipated to conclude within days. Under current UK law, she faces a maximum prison sentence of 14 years.
Victims' Plea for Justice and Compassion
Victims like Mr. Yu are now looking to British authorities for assistance in recovering at least a portion of their stolen wealth. "If we can gather all the evidence together, we hope the UK government, the Crown Prosecution Service and the High Court can show compassion," he told the BBC. "Because now, it’s only that haul of Bitcoin that can return us a little bit of what we lost."
However, the process of restitution is expected to be complex. Many investors had sent their money through local intermediaries rather than directly to Qian's company, making it challenging to trace individual claims. A civil "proceeds of crime" case is scheduled to begin in early 2026 to determine the distribution of the seized assets.
The CPS has indicated that it is exploring a compensation scheme for unrepresented victims, though specific details are yet to be confirmed. Any funds that remain unclaimed would typically revert to the UK government, leading to speculation that the Treasury could benefit significantly if victims are unable to substantiate their claims.
The Devastating Human Toll
For many victims, the financial losses have had life-shattering consequences. Mr. Yu shared accounts of victims left destitute, struggling to afford basic necessities like food and medical treatment. He recalled one woman from Tianjin who died of breast cancer after being forced to discharge herself from the hospital due to her inability to pay for care.
In a poignant poem dedicated to her, Mr. Yu wrote: "Let us be pillars, holding up the sky / Rather than sheep, to be led and misled. / To those who survive — strive harder, that we might right this grave injustice."
The Road Ahead
As the court prepares to deliver Qian's sentence, the legal battle over the £5 billion Bitcoin fortune remains a significant focal point. Thousands of Chinese victims, many of whom are elderly, are mobilizing through international legal teams to prove their claims.
For the United Kingdom, this case represents a defining moment in the enforcement of global financial crime. It underscores the immense scale of cryptocurrency fraud and presents a complex moral dilemma regarding the repatriation of stolen digital wealth that has appreciated substantially in value.