Chinese ‘Cryptoqueen’ in London: £5.5bn Bitcoin Scam Exposes Global AML Blind Spots

Mark Lagarde
Wed, 12 Nov 2025 11:42:25 +0000
Ponzi, ticker, Jian Wen, Seng Hok Ling, Yadi Zhang, Zhimin Qian

Chinese fraudster Zhimin Qian – also known as “Yadi Zhang” – has been sentenced in London to 11 years and eight months for laundering billions in bitcoin linked to a vast Ponzi scheme that defrauded more than 128,000 investors in China. The UK’s largest-ever crypto seizure, more than 61,000 BTC, now sits at the centre of complex cross-border restitution battles.

Key Facts

Main actor: Zhimin Qian (aka Yadi Zhang), 46/47, Chinese national, dubbed a “bitcoin pioneer” and “cryptoqueen” (Source: theguardian.com).

Scheme: High-yield crypto “investment” through Tianjin-based company Blue Sky, a classic Ponzi fraud running between 2014–2017 and targeting Chinese retail investors (Source: ft.com)

Victims & damage: Over 128,000 victims, roughly 40bn yuan (~£4.3–4.6bn) raised, most converted into bitcoin.

Flight & aliases: Fled China in 2017 via Myanmar, travelled on a St Kitts & Nevis passport, living in Europe under the alias Yadi Zhang and fantasising in diaries about ruling the micronation “Liberland”.

UK laundering hub: Settled in London; attempted to turn BTC into real estate and luxury goods, including a £24m Hampstead property and Dubai homes, triggering suspicious activity reports (SARs).

Crypto seizure: Met Police seized 61,000 BTC (then valued around £5.5bn, now ≈£5bn) from a Hampstead house and safety deposit box – the UK’s largest recorded crypto seizure. Source: en.wikipedia.org).

Arrest: After years on the run, Qian was tracked in early 2024 via activity on a long-dormant wallet and arrested in York with extra wallets holding c. £60m plus fake passports and cash.

Co-defendants:

Jian Wen, former takeaway worker, jailed May 2024 for 6y 8m for laundering part of the bitcoin and subject to a £3m recovery order.

Seng Hok Ling, Malaysian associate, sentenced to 4y 11m for transferring criminal crypto assets (Source: MetPolice News).

Current focus: Civil proceedings to decide how much of the seized bitcoin can be returned to victims in China and what may ultimately be retained by UK authorities (Source: APNews.com)

Short Analysis

The Chinese cryptoqueen Zhimin Qian

From a cybercrime and AML perspective, the Qian case is a textbook example of how early-stage crypto hype, weak retail protection, and golden-passport arbitrage can be weaponised at scale. A China-centred Ponzi scheme was rapidly transformed into a cross-border money-laundering operation using bitcoin as the primary value rail, routed through high-end London real estate and offshore identities.

The investigation also shows the maturing of crypto-forensics and SAR-driven policing. Qian’s downfall began when a £24m property deal in London tripped AML alarms. Blockchain traces, seized devices, and international evidence from Chinese authorities eventually tied 61,000 BTC back to a mass-victim Ponzi in Tianjin, allowing prosecutors to frame the proceeds as criminal property under the UK Proceeds of Crime Act (POCA).

Finally, the unresolved question is victim restitution vs. state recovery. Thousands of Chinese victims lost life savings and homes, while the seized bitcoin has massively appreciated. The ongoing civil fight over who benefits from that uplift underscores an uncomfortable policy gap: existing confiscation regimes were not designed for volatile, cross-border digital assets on this scale.

Call for Information

FinTelegram continues to map high-risk crypto investment schemes and cross-border laundering networks connected to this case and similar operations. Insiders, compliance officers, affected investors, or professionals with information about Blue Sky, related investment vehicles, facilitators, or service providers are invited to submit information confidentially via Whistle42.com.