Archive · 12 Nov 2025
China's 'Cryptoqueen' Jailed in UK for Massive Bitcoin Ponzi Scheme
Imagine a woman in China who promised people their money would grow by investing in something called Bitcoin.
Many people, including older folks, gave her their savings, totaling billions of dollars.
She actually took this money and used it herself, paying off early investors with money from new ones, which is a type of scam called a Ponzi scheme.
When Chinese police started to investigate, she ran away to London with a fake passport.
She lived in a fancy house and pretended to be rich.
The police found her and discovered a huge amount of Bitcoin, one of the biggest ever found in the UK.
She admitted to crimes related to handling the stolen money and was sent to jail for over 11 years.
The judge said she was the main planner and did it because she was greedy.
Zhimin Qian, a Chinese national, was sentenced to 11 years and 8 months in prison in the UK for money laundering.
She orchestrated a massive Bitcoin Ponzi scheme in China, defrauding over 100,000 investors.
The scheme involved stolen funds totaling over 40 billion yuan, which were invested in cryptocurrency.
Qian fled China to London in 2017 and lived lavishly before police raided her home, seizing tens of thousands of Bitcoin.
The judge described Qian as the main planner motivated by pure greed, while some investors initially trusted the scheme due to small, regular payments.
- Who
- Zhimin Qian, a Chinese woman dubbed 'cryptoqueen', and her company Lantian Gerui (Bluesky Greet).
- What
- Qian was sentenced to over 11 years in prison for money laundering related to a massive Bitcoin Ponzi scheme that defrauded over 100,000 investors in China.
- When
- Qian was sentenced recently; she fled China in 2017; the fraud involved investors' money in the years leading up to her escape and sentencing.
- Where
- The fraud was perpetrated in China; Qian settled in a luxury mansion in Hampstead, London, UK, where police seized the cryptocurrency.
- Why
- Qian allegedly planned the crime out of greed, using new investors' money to pay off earlier investors and fund her lavish lifestyle.
Zhimin Qian's Actions and Plea
Prosecution's Perspective
Role in the Scheme
Zhimin Qian's Actions and Plea
Qian pleaded guilty to money laundering offenses. Her diary revealed ambitions for wealth and lifestyle.
Prosecution's Perspective
The judge stated Qian was the main planner behind the entire crime, motivated by pure greed. Prosecutors believe her company was a massive Ponzi scheme using new investors' money to pay old ones.
Investor Impact
Zhimin Qian's Actions and Plea
Some investors, like 'Yu', believed the scheme was genuine due to small, consistent daily payments.
Prosecution's Perspective
The scheme defrauded over 120,000 investors in China, with stolen money totaling over 40 billion yuan. Many investors, including pensioners, lost their savings.
- Name
- Zhimin Qian
- Age
- 47
- Nationality of Mastermind
- Chinese
- Scheme Name
- Lantian Gerui (Bluesky Greet)
- Scheme Operation Dates
- Circa 2017 (company founded earlier in China)
- Number of Victims
- Over 100,000 (over 120,000)
- Total Investment Amount (approx.)
- Over 40 billion yuan
- Seized Bitcoin
- Tens of thousands of Bitcoins (largest crypto seizure in UK history)
- Mastermind's Sentence
- 11 years and 8 months
Sources
Chinese Crypto Queen in London: She duped thousands of China’s elderly, fled to the UK with billions – and got caught
Chinese fraud mastermind jailed in UK for laundering bitcoin
Chinese fraudster’s luxury life on the run ends in London jail
Chinas cryptoqueen jailed in UK over $6.6 billion Bitcoin scam
