Yadi Zhang, also known as Zhimin Qian, has been convicted in what is considered one of the largest cryptocurrency fraud cases ever recorded, involving the seizure of over 61,000 bitcoins worth more than $6.7 billion. Qian pleaded guilty to the charges.
Between 2014 and 2017, Qian orchestrated a massive investment scam in China through her company, Tianjin Lantian Gerui Electronic Technology. The scheme lured over 128,000 victims, predominantly aged 50 to 75, with promises of up to 300% returns. In reality, it was a classic Ponzi scheme. Instead of legitimate investments, the company funneled funds to purchase bitcoins for Qian, amassing approximately 61,000 bitcoins.
Qian fled to the United Kingdom using forged documents and evaded justice for five years. Her attempt to launder the stolen funds through real estate purchases in the UK led to her arrest. The seizure of the bitcoins and subsequent legal proceedings were the culmination of a seven-year international investigation.
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Qian now awaits sentencing while in custody. The case highlights the vulnerabilities in cryptocurrency markets and serves as a stark warning about the risks of unregulated investment schemes.
Author: Slava Vasipenok
Founder and CEO of QUASA (quasa.io) - Daily insights on Web3, AI, Crypto, and Freelance. Stay updated on finance, technology trends, and creator tools - with sources and real value.
Innovative entrepreneur with over 20 years of experience in IT, fintech, and blockchain. Specializes in decentralized solutions for freelancing, helping to overcome the barriers of traditional finance, especially in developing regions.
This is not financial or investment advice. Always do your own research (DYOR).
