‘Cryptoqueen’ Jailed for $6.6B Bitcoin Fraud in Record UK Case

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