UK Resident Convicted in $6 Billion Bitcoin Fraud Case

According to reports from local media SCMP, on March 20, a UK jury discovered a tangible connection between Jian and Qian Zhimin, the purported mastermind of an extensive Bitcoin scam that trapped some 130,000 investors in China. This is a significant legal move.

Zhimin allegedly masterminded the scam over a five-year period, from 2017 to 2022, using a network of seven offices that managed ten investment enterprises throughout Asia, earning billions in unjust profits. According to reports, Jian was coerced into the operation in September 2017 while working at an East London fast-food restaurant under false pretenses.

Denial Despite Accusations

Prosecution for the government effectively contended that Jian knew full well of Zhimin’s illegal actions and lived an opulent lifestyle supported by riches obtained via deception, even though Jian denied any culpability throughout the trial.

For a minimum of three years, the pair is said to have used revenues from illicit Bitcoin transactions to purchase properties in Dubai, Europe, and the UK. During a property raid in 2018, Zhimin and Jian’s assets were shown to be theirs when London police made a huge breakthrough in law enforcement by seizing $2.2 billion in Bitcoin.

Chief Superintendent Jason Prins, a detective of the London Metropolitan Police, praised the decision as evidence of the coordinated operations against international financial crime networks that use cryptocurrency for illicit activities.