A Chinese national, Qian Zhimin (also known as Zhang Yadi), pleaded guilty on the first day of her trial at Southwark Crown Court in London to possessing and transferring criminal property. The case stems from one of the largest cryptocurrency seizures ever: British police confiscated over 61,000 BTC, currently valued at approximately £5.1 billion ($6.7 billion). The funds are allegedly linked to a massive Chinese investment fraud that defrauded around 128,000 victims between 2014 and 2017. Qian fled China after her company collapsed following the 2017 crypto crackdown and attempted to launder proceeds through UK property purchases. The trial highlights the challenges of prosecuting cross-border crypto crimes, with no UK-China extradition treaty and Chinese police expected to testify.

On the first day of her trial at Southwark Crown Court in London, 47-year-old Chinese national Qian Zhimin (also known as Zhang Yadi) pleaded guilty to possessing and transferring criminal property under the Proceeds of Crime Act 2002. The case stems from one of the largest cryptocurrency seizures ever, with British police confiscating over 61,000 BTC, currently valued at approximately £5.1 billion ($6.7 billion). The funds are allegedly linked to a massive Chinese investment fraud that defrauded about 128,000 victims between 2014 and 2017. Qian fled China after her company, Tianjin Lantian Gerui Electronic Technology Co., collapsed following China's 2017 crypto crackdown. She attempted to launder the proceeds in the UK through property purchases, aided by accomplice Jian Wen, who was previously jailed for facilitating the movement of 150 BTC. The trial, expected to last 12 weeks, will feature Chinese police officers testifying in person and victims testifying remotely from a court in Tianjin.