Chinese businesswoman Qian Zhimin, dubbed the “Crypto Queen,” has been sentenced by Southwark Crown Court in London to 11 years and 8 months in prison for laundering $6.4 billion through Bitcoin. Authorities described her as the “architect of a vast criminal operation” driven by pure greed.
According to investigators, Qian converted billions of dollars from thousands of defrauded Chinese investors—many of them pensioners—into cryptocurrency via her fake tech company, Bluesky Greet. The firm promised investors returns of up to 200% and claimed to be developing high-tech mining equipment. In reality, it was a sophisticated Ponzi scheme disguised as an innovative business.
After fleeing China in 2017, Qian settled in Hampstead, London, renting a luxury mansion for £17,000 a month. A year later, police discovered a wallet containing 61,000 BTC—marking the largest crypto seizure in British history.
In London, Qian portrayed herself as a wealthy collector, employing assistants to help her exchange digital assets for cash and property. Her close associate, Wen Jian, has already been sentenced to six years in prison for related money laundering offenses.
Victims of the scam, mostly Chinese investors, are now seeking compensation through British courts. However, legal experts warn that tracing individual transfers through Qian’s complex network of intermediaries may prove extremely difficult.
Since Qian’s arrival in the UK, the value of the seized cryptocurrency has increased more than twentyfold. A civil court case to determine ownership of the digital assets is set for 2026. If the funds remain unclaimed, they will be transferred to the UK government.
Analysts say Qian’s case highlights how money from Asian crypto frauds often flows into jurisdictions with looser financial oversight. Judge Gales noted that the case serves as “a stark reminder of how vulnerable victims of financial pyramids remain—even in the digital age.”
Earlier this year, Europol reported a rise in crypto-related crime and urged countries to intensify efforts against fraud and money laundering.
