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Chinese woman convicted after ‘world’s biggest’ bitcoin seizure
A Chinese national has been convicted following an international fraud investigation which resulted in what’s believed to be the single largest cryptocurrency seizure in the world.
The Metropolitan Police says it recovered 61,000 bitcoin worth more than £5bn ($6.7bn) in current prices.
Zhimin Qian, also known as Yadi Zhang, pleaded guilty on Monday at Southwark Crown Court of illegally acquiring and possessing the cryptocurrency.
Between 2014 and 2017 she led a large-scale scam in China which involved cheating more than 128,000 victims and storing the stolen funds in bitcoin assets, the Met said in a statement.
It said the 47-year-old’s guilty plea followed a seven-year probe into a global money laundering web which began when it got a tipoff about the transfer of criminal assets.
Qian had been “evading justice” for five years up to her arrest, which required a complex investigation involving multiple jurisdictions, said Detective Sergeant Isabella Grotto, who led the Met’s investigation.
She fled China using false documents and entered the UK, where she attempted to launder the stolen money by buying property, said the Met.
“By pleading guilty today, Ms Zhang hopes to bring some comfort to investors who have waited since 2017 for compensation, and to reassure them that the significant rise in cryptocurrency values means there are more than sufficient funds available to repay their losses,” said Qian’s solicitor Roger Sahota, of Berkeley Square Solicitors.
But some reports have suggested the UK government will seek to retain the seized funds.
The BBC has approached the Treasury and the Home Office for a response.
Reforms to crime legislation under the previous Conservative government aimed to make it easier for the UK authorities to seize, freeze and recover crypto assets.
The changes would also allow some victims to apply for the release of their assets held in accounts.
Qian had help from a Chinese takeaway worker named Jian Wen, who was jailed for six years and eight months last year for her part in the criminal operation.
Wen, 44, laundered the proceeds from the scam and moved from living above a restaurant to a “multi-million pound rented house” in north London, said Crown Prosecution Service (CPS) earlier this year.
She also bought two properties in Dubai worth more than £500,000, the CPS said.
The Met said it seized more than £300m worth of bitcoin from Wen.
Chinese media outlet Lifeweek reported in 2024 that investors, mostly between 50 and 75 years old, had poured “hundreds of thousands to tens of millions” of yuan into investments promoted by Qian.
Some of the victims – including business people, bank employees and members of the judiciary – were reportedly urged to invest with Qian’s scheme by friends and family.
The investors reportedly knew little about Qian, who was described as “the goddess of wealth”.
“Bitcoin and other cryptocurrencies are increasingly being used by organised criminals to disguise and transfer assets, so that fraudsters may enjoy the benefits of their criminal conduct,” said deputy chief Crown prosecutor, Robin Weyell.
“This case, involving the largest cryptocurrency seizure in the UK, illustrates the scale of criminal proceeds available to those fraudsters.”
Monday’s conviction marks the “culmination of years of dedicated investigation”, which has involved the police and Chinese law enforcement teams, said Will Lyne, the Met’s Head of Economic and Cybercrime Command.
Qian is being held in custody ahead of sentencing, which will take place after a trial involving others linked with the case. The date of her sentencing has yet to be fixed.
The BBC has contacted the Chinese embassy in the UK for comment.
[BBC]
Bangladesh cruised to a seven wicket victory to close out their group stage, with a three-for from Iqbal Hossain Emon, and an 82-ball 64 from captain Azizul Hakim leading the way against USA.
Batting first, USA lost opener Amrinder Gill and No. 3 Arjun Mahesh by the end of the third over. But a more applied approach from Sahil Garg and Utkarsh Srivastava took them out of the powerplay to the relative safety of 33 for 2.
The scoring rate was slow throughout their innings, with Bangladesh’s Al Fahad, Shariar Ahmed and Rizan Hossan all taking two wickets, and keeping the scoring rate around a touch below four. When Adnit Jhamb walked out at No. 7 in the 30th over, he kicked into a higher gear. He hit just three boundaries and a six during his knock of 68, but rotated the strike much better than any other USA batter on the day. Alongside the lower order, Jhamb dragged their total up to a respectable 199.
Bangladesh, however, remained in cruise control during the chase. Opener Zawad Abrar was particularly brutal, hitting five fours and three sixes as he raced away to a 42-ball 47. He fell to a caught-and-bowled effort off Garg, but by that point, Bangladesh were 78 for 1, and more than a third of the way to their target.
Another big partnership followed after his dismissal: Hakim hit the sole half-century of the match, stitching together an 88-run partnership with Kalam Siddiki. By the time he was the third batter to be dismissed, the result was a foregone conclusion.
Rizan Hossan hit two sixes in back-to-back overs in the company of Siddiki. The second one closed out the match, giving Bangladesh their first win of the tournament, and pushing USA out of contention for the Super Sixes
Brief scores:
Bangladesh Under 19s 201 for 3 in 41.3 overs (Azizul Hakim 64, Zawad Abrar 47; Rifat Beg 30, Kalam Siddiki 30*; Ritvik Appidi 1-27) beat USA Under 19s 199 in 50 overs (Adnit Jhamb 68*, Utkarsh Srivastava 39; Iqbal Hossain Emon 3-41, Al Fahad 2-38, Shahriar Ahmed 2-32, Rizan Hossan 2-27) by seven wickets
A five-wicket haul from Will Byrom helped Australia top Group A of the Under 19 men’s World Cup after they skittled Sri Lanka for 58. Byrom and Charles Lachmund ripped through Sri Lanka in the first powerplay, reducing them to 31 for 6 at the ten-over mark.
In the third over, Lachmund had yorked out Viran Chamuditha right in front of the stumps, while Dimantha Mahavithana edged one to slip. From there, the procession never stopped. The two tall pacers extracted movement and bounce off a pitch that had plenty in it for those who bowled it quick. Most Sri Lanka batters were either caught in the slip cordon or stuck in front of the crease, unable to counter the movement, and often late on their feet.
Hayden Schiller and Kasey Barton slipped into the attack once the powerplay was done, and immediately took over the same lines and lengths. The highlight of Barton’s own spell was his wicket of Sethmika Seneviratne. He dropped it on a full length and fizzed it back into the off stump, trimming Seneviratne’s bails and breaching through Sri Lanka’s last recognised batter.
Sri Lanka’s bowling defence began with Rasith Nimsara extracting similar movement off the pitch. However, both his bowling, and Kugathas Mathulan’s from the other end, were plagued by inconsistent lines that often drifted down leg. Sri Lanka ended up conceding 11 extras, which included nine wides. After Will Malajczuk fell early, Nitesh Samuel was a little circumspect. But Steven Hogan ensured to finish the run chase with little fuss, just as time before rain drifted in towards the ground.
Brief scores:
Australia Under 19s 61 for 1 in 12 overs (Steven Hogan 28*; Rasith Nimsara 1-20) beat Sri Lanka Under 19s 58 in 18.5 overs (Chamika Heenetigala 14; Will Byrom 5-14, Charles Lachmund 2-19, Kasey Barton 2-13) by nine wickets
[Cricinfo]
US President Donald Trump has withdrawn an invite for Canada to join his newly constituted Board of Peace, in the latest spat between the North American neighbours.
“Please let this Letter serve to represent that the Board of Peace is withdrawing its invitation to you regarding Canada’s joining,” Trump said on Truth Social in a post addressed to Prime Minister Mark Carney.
Carney made headlines this week warning of a “rupture” in the US-led global order. Ottawa also said it would not pay to join Trump’s new body.
The board, which gives Trump wide decision-making powers as chairman, is being billed by the US as a new international organisation for resolving conflicts.
Trump did not give a reason in Thursday evening’s post as to why he had decided to revoke Canada’s offer.
Carney’s office did not immediately respond. The prime minster had indicated last week he would accept Trump’s invite on principle.
But Ottawa had indicated in recent days that it would not pay the $1bn (£740m) membership fee which Trump has said permanent members will be asked to pay to help fund the board.
His Board of Peace was originally thought to be aimed at helping end the two-year war between Israel and Hamas in Gaza and oversee reconstruction.
[BBC]
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