A Chinese woman who masterminded one of the largest cryptocurrency frauds in history has been sentenced in the U.K. to more than 11 years in prison after authorities uncovered billions in stolen Bitcoin.
According to The Associated Press, Zhimin Qian, 47, was convicted of laundering money and transferring criminal property after defrauding more than 128,000 investors through a massive Ponzi scheme. Police said her crimes led to the largest cryptocurrency seizure ever in Britain, with investigators recovering devices holding 61,000 Bitcoin — worth roughly £5 billion ($6.6 billion).
Dubbed the “cryptoqueen” by British media, Qian ran a pyramid scheme in China between 2014 and 2017, convincing thousands of people to invest in her bogus business. Many victims lost their life savings and pensions. When Chinese authorities began investigating, Qian fled the country using a fake identity and settled in the U.K.
Prosecutors said Qian lived a life of luxury while on the run, staying in high-end hotels across Europe, buying expensive jewelry and watches, and renting a lavish London home for £17,000 ($23,000) per month. She also attempted to purchase multimillion-pound properties as part of a plan to convert her Bitcoin into cash.
Investigators later discovered handwritten notes revealing Qian’s bizarre ambitions, including a plan to become “the monarch of Liberland,” a self-declared micronation located between Croatia and Serbia. Other notes detailed her dreams of “meeting a duke and royalty.”
At Southwark Crown Court on Tuesday, Judge Sally-Ann Hales condemned Qian for showing no concern for her victims.
“Your motive was one of pure greed,” Hales said. “You left China without a thought for the people whose investments you had stolen and enjoyed for a period of time a lavish lifestyle. You lied and schemed, all the while seeking to benefit yourself.”
Qian pleaded guilty to multiple money laundering charges and was sentenced to 11 years and eight months in prison. Her accomplice, Seng Hok Ling, 47, a Malaysian national who helped move and conceal the stolen cryptocurrency, was sentenced to four years and 11 months after pleading guilty to transferring criminal property.
The case marks a historic moment for British authorities, who called it the largest crypto-related seizure ever conducted in the United Kingdom.
