More than 128,000 people fell victim to fraud in Asia in a massive scheme. A woman named Zhimin Qian, also known as Yadi Zhang, has been convicted in the UK. Police say this is the world’s Biggest Bitcoin Fraud cryptocurrency case, where 61,000 Bitcoins were seized, currently worth more than $6.7 billion.
Qian admitted in court that she obtained these Bitcoins fraudulently. The money came from a fraudulent scheme operating in China from 2014 to 2017.
More than 128,000 people were defrauded in this scheme. Businesspeople, bank employees, and even judges were involved. Many invested millions or even crores of yuan, often at the behest of friends or family.
Authorities say Qian fled China to the UK using forged documents and tried to launder the money by purchasing property there. The investigation lasted seven years and involved Chinese law enforcement.
Will Lyne, UK police economic and cybercrime head, said this was the largest money laundering case in UK history and one of the world’s highest-value crypto cases.
Another example is Tornado Cash, a crypto mixer. He was banned by the US in 2022 for laundering over $7 billion in crypto. This included $455 million belonging to the North Korean hacker group Lazarus.
Qian is currently in jail and his sentence is pending. His partner, Jian Wen, has already been jailed for investing some of the stolen money in properties in the UK and Dubai. Police also seized Bitcoin worth over £300 million from him.
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Why This Matters – Biggest Bitcoin Fraud
This case shows that cryptocurrency can be used for major fraud and money laundering. It also highlights how difficult it is to track digital assets across borders.
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People Also Ask – Biggest Bitcoin Fraud:
Q: Why do criminals use Bitcoin instead of normal money?
A: It’s simple. Bitcoin is easily transferred across borders. Banks undergo more scrutiny, making Bitcoin difficult to trace.
Q: How do the police track Bitcoin?
A: The police have special tools. These tools monitor wallets and transactions. And yes, they work with other countries to recover money.
Q: Is Bitcoin anonymous?
A: No. Every transaction is recorded on the blockchain. The name may not be visible, but the wallet address can be traced.
Q: What is a crypto mixer, and how do criminals use it?
A: The mixer collects the money, mixes it, and then sends it back. This trick hides the true source. That’s why criminals use it.
Q: How big a problem is crypto laundering these days?
A: Billions of dollars are laundered in crypto every year. But compared to the total money laundering worldwide, it’s still a small thing.
