Prosecutors in the U.K. are moving to establish a compensation scheme for victims of a massive Bitcoin fraud orchestrated by Chinese national Zhimin Qian, who defrauded over 128,000 individuals in a fake investment scheme between 2014 and 2017, stealing approximately $6.8 billion and converting the funds into Bitcoin. The Metropolitan Police seized 61,000 Bitcoin—now valued at around £5 billion—from Qian and her associate Seng Hok Ling between 2018 and 2021, after they entered the U.K. with false documentation.
In September, Qian and Ling pleaded guilty to offences under the Proceeds of Crime Act at Southwark Crown Court. During a recent court hearing, the Crown Prosecution Service confirmed it is developing a restitution framework to compensate victims, with sentencing scheduled for 10–11 November. Additional wallets containing roughly £67 million in crypto assets were disclosed by Qian, aided by a hidden ledger found in her clothing at the time of arrest.
However, uncertainties remain, as experts like Nick Harris of CryptoCare warn that the U.K. government could retain the seized Bitcoin under the Proceeds of Crime Act, channeling funds into Treasury or law enforcement budgets rather than direct victim restitution. This case marks the largest Bitcoin seizure in U.K. history, contrasting with global actions such as Germany's Bitcoin sales and the U.S. Department of Justice's recent $12 billion forfeiture in a separate scam.
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