A Chinese billionaire has been convicted in London for orchestrating what authorities call the world’s largest crypto scam, defrauding more than 128,000 victims and laundering billions through Bitcoin. Zhimin Qian, also known as Yadi Zhang, attempted to launder an estimated £5.5 billion after fleeing China in 2017.
The World’s Biggest Crypto Scam
Between 2014 and 2017, Qian, 47, ran an elaborate investment scheme through her company, Lantian Gerui. She promised investors returns of up to 300 percent and courted prospective business partners at Beijing’s prestigious Diaoyutai State Guesthouse. Instead of delivering on investments, she converted the funds into Bitcoin and fled to the UK.
Qian entered Britain using a fake St. Kitts and Nevis passport, eventually settling into a lavish six-bedroom Hampstead mansion she rented for £17,000 per month with her accomplice, Jian Wen.
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A Supervillain Persona and Lavish Lifestyle
During her trial, Qian was described as a “supervillain” and a “master of deception.” Despite posing as a global jewelry magnate, she spent much of her time in bed gaming, shopping, and trading Bitcoin. Wen, once a takeaway worker in Leeds, became the public face of the operation, traveling across Europe to buy luxury goods and property with cryptocurrency.
