A Chinese woman at the center of one of the UK’s largest cryptocurrency investigations has pleaded guilty to laundering billions of dollars through Bitcoin, closing a years-long case that exposed the scale of global crypto crime.
Yadi Zhang, 47—also known as Zhimin Qian—admitted in a London court this week to charges of possessing and transferring criminal property. Her associate, Seng Hok Ling, also 47, pleaded guilty to related offenses. Both were due to face trial, but their guilty pleas brought the criminal proceedings to an early end. Sentencing is set for November 10.
The case dates back to 2018, when London police uncovered around 61,000 Bitcoin at a West London property—an extraordinary haul now worth nearly $7 billion. Investigators later tied the funds to a fraudulent investment scheme that originated in Tianjin, China, in 2017.
The scam, run by Tianjin Lantian, promised lucrative returns but defrauded more than 128,000 investors of approximately $5.6 billion. Chinese courts have already convicted 14 people linked to the fraud. In the UK, another associate, Jian Wen, was sentenced last year to more than six years in prison after being found guilty of laundering Bitcoin connected to the scheme.
Prosecutors said Zhang orchestrated the movement of illicit funds, while Ling helped funnel them into digital assets. The massive Bitcoin seizure has since sparked disputes over ownership, with both victims and the UK government seeking a share of the recovered cryptocurrency.
“Bitcoin and other cryptocurrencies are increasingly being used by organized criminals to disguise and transfer assets,” said Robin Weyell, deputy chief crown prosecutor, stressing that authorities will use both criminal and civil powers to prevent convicted fraudsters from reclaiming their profits.
This landmark case underscores the challenges law enforcement faces as criminals exploit digital currencies to hide vast sums of money.
