Chinese woman convicted in U.K. of massive bitcoin fraud scheme

The Metropolitan Police in London on Monday said it seized more than $6.7 billion worth of cryptocurrency following a seven-year international investigation. Authorities characterized it as one of the largest bitcoin seizures in the world. Chinese national Zhimin Qian on Monday pleaded guilty to two charges related to her role in the scheme, and she was set to remain in custody until her sentencing. Officials on Tuesday had not said when she would be sentenced. Police last year arrested another woman, Jian Wen, for her role in the bitcoin operation.

How did she get so much money? From 2014 to 2017, Qian defrauded more than 128,000 people in China through an investment management scheme, according to police. She fled to the U.K. in 2018 using false documents and attempted to launder her money by purchasing property. Law enforcement collaborated with their Chinese counterparts in Beijing and the city of Tianjin to conduct the investigation, Detective Sergeant Isabella Grotto said in a statement.

Dig deeper: Listen to Mary Muncy’s report on The World and Everything in It about recent legislation that aims to cement U.S. dominance of cryptocurrency.