A woman of Chinese origin, Zhimin Qian, who also goes by Yadi Zhang, has pleaded guilty in a UK court. She admitted to handling and obtaining illegally-sourced assets amounting to 61,000 Bitcoin
The seized cryptocurrency is currently valued at approximately $7 billion.
According to investigators, between 2014 and 2017, Qian orchestrated a substantial investment fraud, deceiving approximately 128,000 individuals. Funds acquired from these victims were then converted into Bitcoin.
Did you know?
Subscribe – We publish new crypto explainer videos every week!
What is Litecoin? LTC Easily Explained (ANIMATED)
After fleeing China in 2018, she used fraudulent identification to enter the UK and, with the help of Jian Wen, tried to use the cryptocurrency to purchase properties.
The Metropolitan Police conducted an extensive seven-year investigation. Between 2018 and 2021, law enforcement officials were able to recover the entire sum of the digital currency.
Will Lyne, who heads the Met’s economic and cybercrime unit, called it one of the largest money laundering operations ever investigated in the country, highlighting the team’s relentless efforts that led to the successful outcome.
The Crown Prosecution Service emphasized how digital assets are being exploited by criminals for hiding illegal proceeds. According to Deputy Chief Crown Prosecutor Robin Weyell, cryptocurrencies are frequently employed by criminals to mask their profits and move them internationally.
She further stated that the CPS will continue to collaborate with law enforcement to prosecute those involved in these types of offenses.
In other news, Interpol recently carried out a massive international operation, recovering $439 million linked to criminal activities. Want to know more? Read the full story.