The mastermind behind a massive Ponzi scheme in China has been jailed in the UK for over 11 years for laundering billions through cryptocurrency.
Zhimin Qian, also known as Yadi Zhang, targeted nearly 130,000 investors in China from 2014 to 2017, defrauding them of billions of dollars. British authorities seized over 61,000 Bitcoin – currently worth around £5 billion ($6.7 billion) – in one of the largest cryptocurrency seizures in UK history.
The investigation involved international cooperation with the Crown Prosecution Service, the National Crime Agency, and Chinese law enforcement. Qian’s accomplice, Ling Seng Hok, was also sentenced to nearly five years for assisting in the laundering scheme.
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