Key Developments in Historic Crypto Seizure
Qian Zhimin, also known by the alias Yadi Zhang, has been sentenced to over 11 years in the UK in 2025 for laundering billions in Bitcoin from a London mansion. Her conviction underscores the continuing international efforts to combat cryptocurrency-enabled fraud and protect investor interests.
The Chinese fugitive, Qian Zhimin, also known as Yadi Zhang, has received a sentence of over 11 years in the UK for laundering billions in Bitcoin. This follows a UK investigation that resulted in the largest crypto-asset seizure on record, amounting to 61,000 BTC.
The "Chinese Cryptoqueen" and Her Fraudulent Scheme
Qian Zhimin, infamously dubbed the “Chinese Cryptoqueen,” orchestrated a fraudulent scheme valued at $5.6 billion, defrauding more than 128,000 investors in China. Official statements identify her as the primary architect of this fraud, with key accomplices involved in the laundering activities.
"You were the architect of this offending from its inception to its conclusion. The scale of your money laundering is unprecedented. Your motive was one of pure greed." — Judge Sally-Ann Hales, Southwark Crown Court
International Cooperation and Asset Recovery
This case marks the UK's most extensive crypto criminal investigation to date, featuring collaboration with China for asset recovery efforts. Immediate consequences include legal proceedings targeting over 1,300 claims from victims. Lawyers and police have provided various character statements in relation to the case.
Global Impact and Precedents
The seizure of 61,000 Bitcoin represents the largest confirmed crypto seizure globally, with an estimated value of approximately £5 billion. The financial repercussions were largely centralized and did not directly affect DeFi protocols or other major cryptocurrencies such as ETH.
Historical events like the Silk Road and PlusToken scams have established precedents for crypto asset seizures. None of these previous events had a protocol-level impact on DeFi or Layer 1 tokens, indicating that regulated environments can effectively manage off-chain fraud without causing systemic financial disruptions.
Potential future "government sales" of seized BTC could lead to financial impacts and affect liquidity. Ongoing regulatory cooperation with China is focused on cross-border asset recovery. Historical evidence suggests that on-chain protocols remain stable amidst centralized criminal activities.