{"id":393281,"date":"2024-01-31T21:00:27","date_gmt":"2024-01-31T21:00:27","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=393281"},"modified":"2024-01-31T19:10:12","modified_gmt":"2024-01-31T19:10:12","slug":"uk-authorities-seize-1-4-billion-in-bitcoin-linked-to-chinese-investment-fraud-scheme","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/uk-authorities-seize-1-4-billion-in-bitcoin-linked-to-chinese-investment-fraud-scheme\/","title":{"rendered":"UK authorities seize \u00a31.4 billion in Bitcoin linked to Chinese investment fraud scheme"},"content":{"rendered":"<p>U.K. authorities seized 61,000 BTC valued at approximately \u00a31.4 billion (or $1.78 billion) related to an investment fraud that operated in China, the Financial Times <a href=\"https:\/\/www.ft.com\/content\/7aec98dd-6161-4ee9-8e0e-654fc7e0fae3\">reported<\/a>.<\/p>\n<p>The mastermind behind the fraud, Zhimin Qian, converted part of the profits from a \u00a35 billion investment scam operated in China between 2014 and 2017 into the top cryptocurrency to facilitate the seamless transfer of funds from the Asian country.<\/p>\n<p>Qian, now identified as Yadi Zhang with a St. Kitts and Nevis passport, moved to the U.K. in 2017. However, prosecutors said she has since fled the country and remains at large.<\/p>\n<p>The authorities uncovered the fraudulent activities when Zhang enlisted the help of Jian Wen to launder the money, ultimately attracting attention when attempting to purchase a \u00a323.5 million mansion in London. This led to a police raid on their \u00a317,000-per-month rented apartment, resulting in the seizure of numerous digital wallets containing the 61,000 BTC.<\/p>\n<p>Although not implicated in the initial fraud, Wen is facing trial for three counts of money laundering. The prosecutors alleged that she assisted Zhang in converting the digital assets into cash, jewelry, and other luxury items, as well as property, while knowing it was the proceeds of crime.<\/p>\n<p>Notably, their attempts to purchase properties, including a \u00a312.5 million eight-bedroom home with a cinema and gym, with the BTC failed because they could not explain its source.<\/p>\n<p>Wen has pleaded not guilty and contends that she is merely Zhang's caregiver.<\/p>\n<p>Meanwhile, this seizure aligns with a broader trend of UK authorities cracking down on illegal cryptocurrency activities. On Jan. 26, the National Crime Agency <a href=\"https:\/\/nationalcrimeagency.gov.uk\/news\/150m-cryptocurrency-seizure-following-us-uk-cooperation\">announced<\/a> the seizure of $150 million linked to a multi-million-dollar drug enterprise.<\/p>\n<p>In a global context, the U.S. and German authorities have also taken <a href=\"https:\/\/cryptoslate.com\/u-s-plans-to-sell-130m-of-bitcoin-seized-in-connection-with-silk-road\/\">similar actions<\/a> recently. On Jan. 30, the German police announced that they <a href=\"https:\/\/cryptoslate.com\/german-authorities-seize-record-2-17-billion-in-bitcoin-from-piracy-website\/\">confiscated<\/a> a record $2.3 billion worth of illegal cryptocurrency from a piracy website.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>U.K. authorities seized 61,000 BTC valued at approximately \u00a31.4 billion (or $1.78 billion) related to an investment fraud that operated in China, the Financial Times reported. The mastermind behind the fraud, Zhimin Qian, converted part of the profits from a \u00a35 billion investment scam operated in China between 2014 and 2017 into the top cryptocurrency [&hellip;]<\/p>\n","protected":false},"author":720,"featured_media":393294,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[76769,77045],"prediction_market_topic":[],"post_folder":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.9 (Yoast SEO v21.9.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>UK authorities seize \u00a31.4 billion in Bitcoin linked to Chinese investment fraud scheme<\/title>\n<meta name=\"description\" content=\"The U.K. authorities seized 61000 Bitcoin valued at approximately \u00a31.4 billion from\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptoslate.com\/uk-authorities-seize-1-4-billion-in-bitcoin-linked-to-chinese-investment-fraud-scheme\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"UK authorities seize \u00a31.4 billion in Bitcoin linked to Chinese investment fraud scheme\" \/>\n<meta property=\"og:description\" content=\"The U.K. authorities seized 61000 Bitcoin valued at approximately \u00a31.4 billion from\" \/>\n<meta property=\"og:url\" content=\"https:\/\/cryptoslate.com\/uk-authorities-seize-1-4-billion-in-bitcoin-linked-to-chinese-investment-fraud-scheme\/\" \/>\n<meta property=\"og:site_name\" content=\"CryptoSlate\" \/>\n<meta property=\"article:published_time\" content=\"2024-01-31T21:00:27+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-01-31T19:10:12+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2024\/01\/uk-police-bitcoin.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"630\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Oluwapelumi Adejumo\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:site\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Oluwapelumi Adejumo\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/cryptoslate.com\/uk-authorities-seize-1-4-billion-in-bitcoin-linked-to-chinese-investment-fraud-scheme\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/cryptoslate.com\/uk-authorities-seize-1-4-billion-in-bitcoin-linked-to-chinese-investment-fraud-scheme\/\"},\"author\":{\"@type\":\"Person\",\"@id\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/#person\",\"name\":\"Oluwapelumi Adejumo\",\"url\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/\"},\"image\":{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/#authorimage\",\"url\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/10\/profile-oluwapelumi-adejumo-1-300x300.jpg\",\"contentUrl\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/10\/profile-oluwapelumi-adejumo-1-300x300.jpg\",\"caption\":\"Oluwapelumi Adejumo\"},\"jobTitle\":\"Senior Reporter\",\"description\":\"Oluwapelumi values Bitcoin's potential. 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