A Chinese national has been convicted in Britain following an international fraud investigation that led to what police believe is the single largest cryptocurrency seizure in the world.

The Metropolitan Police said it had recovered 61,000 bitcoin worth more than £5bn ($6.7bn) at current prices.

Zhimin Qian, also known as Yadi Zhang, pleaded guilty on Monday at Southwark Crown Court to illegally acquiring and possessing the cryptocurrency.

According to the Met, Qian led a large-scale scam in China between 2014 and 2017 that defrauded more than 128,000 victims. The stolen funds were stored in bitcoin assets.

The guilty plea followed a seven-year probe into a global money laundering operation, which began after a tipoff about the transfer of criminal assets.

Detective Sergeant Isabella Grotto, who led the Met’s investigation, said Qian had been “evading justice” for five years before her arrest, which required a complex investigation spanning multiple jurisdictions.

The Met said Qian fled China using false documents and entered the UK, where she attempted to launder the stolen money by purchasing property.

Her solicitor, Roger Sahota of Berkeley Square Solicitors, said: “By pleading guilty today, Ms Zhang hopes to bring some comfort to investors who have waited since 2017 for compensation, and to reassure them that the significant rise in cryptocurrency values means there are more than sufficient funds available to repay their losses.”

However, some reports have suggested the UK government may seek to retain the seized funds. The BBC has approached the Treasury and the Home Office for comment.

Reforms to crime legislation under the previous Conservative government aimed to make it easier for UK authorities to seize, freeze and recover crypto assets. The changes also allow some victims to apply for the release of their assets held in accounts.

Role of Jian Wen

Qian was assisted by Jian Wen, a former Chinese takeaway worker, who was jailed for six years and eight months last year for her role in the scheme.

According to the Crown Prosecution Service (CPS), Wen laundered the proceeds from the scam and moved from living above a restaurant to a “multi-million pound rented house” in north London. She also bought two properties in Dubai worth more than £500,000.

The Met said it seized more than £300m worth of bitcoin from Wen.

Chinese media outlet Lifeweek reported in 2024 that investors, mostly aged between 50 and 75, had invested “hundreds of thousands to tens of millions” of yuan into Qian’s scheme. Victims included business people, bank employees and members of the judiciary, many of whom were persuaded by friends and family to invest.

Qian was described by some as “the goddess of wealth”.

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Deputy Chief Crown Prosecutor Robin Weyell said: “Bitcoin and other cryptocurrencies are increasingly being used by organised criminals to disguise and transfer assets, so that fraudsters may enjoy the benefits of their criminal conduct. This case, involving the largest cryptocurrency seizure in the UK, illustrates the scale of criminal proceeds available to those fraudsters.”

Will Lyne, the Met’s Head of Economic and Cybercrime Command, described Monday’s conviction as the “culmination of years of dedicated investigation”, which included cooperation with Chinese law enforcement.

Qian is being held in custody ahead of sentencing, which will take place after a trial involving others connected to the case. A sentencing date has yet to be set.