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Chinese ‘Cryptoqueen’ Jailed for 11 Years in UK Over £5bn Bitcoin Scam

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Chinese 'Cryptoqueen' Jailed for 11 Years in UK Over £5bn Bitcoin Scam
Chinese 'Cryptoqueen' Jailed for 11 Years in UK Over £5bn Bitcoin Scam
Reporter 5By

Chinese ‘Cryptoqueen’ Jailed for 11 Years in UK Over £5bn Bitcoin Scam

By Reporter 5

A Chinese woman, Zhimin Qian, has been sentenced to 11 years and eight months in prison in the UK for masterminding a massive bitcoin scam.

Qian, also known as Yadi Zhang, orchestrated a Ponzi scheme that defrauded around 128,000 people in China between 2014 and 2017, with losses totaling approximately $5.6 billion. Qian’s scheme promised investors returns of up to 300%, claiming profits from a proprietary digital token. She converted around $25.7 million of the stolen funds into Bitcoin and fled to the UK, where she lived a lavish lifestyle, renting a £17,000-per-month mansion and purchasing luxury properties and jewelry. Also Read: Ukraine Suspends Justice Minister Amid $100M Energy Corruption Scandal

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