Chinese Woman Convicted After 'World's Biggest' Bitcoin Seizure (bbc.com) 35
An anonymous reader quotes a report from the BBC: 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 $6.7 billion 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. A second person appeared in court on Tuesday to admit to their role in the scheme.
Malaysian national Seng Hok Ling, of Matlock, Derbyshire, pleaded guilty at Southwark Crown Court of entering into a money laundering arrangement on or before April 23, 2024. According to the charge, he had been dealing in cryptocurrency on Qian's behalf, "knowing or suspecting his actions would facilitate the acquisition or control of criminal property by another." Between 2014 and 2017 Qian 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.
"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," added 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."
Malaysian national Seng Hok Ling, of Matlock, Derbyshire, pleaded guilty at Southwark Crown Court of entering into a money laundering arrangement on or before April 23, 2024. According to the charge, he had been dealing in cryptocurrency on Qian's behalf, "knowing or suspecting his actions would facilitate the acquisition or control of criminal property by another." Between 2014 and 2017 Qian 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.
"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," added 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."
Anyone smell a fresh brain fart? (Score:2)
'Nuff said.
They should transfer the coins to their own wallet (Score:2, Funny)
And delete the keys. Coins gone forever.
Re:They should transfer the coins to their own wal (Score:5, Insightful)
> They should transfer the coins to their own wallet.. And delete the keys. Coins gone forever.
Who is they and why should they do this?
Re: (Score:1)
Asshole
Re: (Score:2, Insightful)
Which victims?
The ones you can't really identify, because of the pseudonymity of bitcoin?
If they traced it back through the block chain, how do they know if the wallet belongs to a legitimate victim, or one of the scammers? Or if they've gone back too far?
Re: (Score:3)
Re:They should transfer the coins to their own wal (Score:5, Informative)
> Which victims?
> The ones you can't really identify, because of the pseudonymity of bitcoin?
The victims were scammed the old fashioned way. The ill-gotten gains were then converted to Bitcoin.
Re: (Score:2)
1: "Code is Law", right?
Ethereum people say that, not Bitcoin.
Re: (Score:1)
Re:UK government will seek to retain the seized fu (Score:5, Informative)
Which reports are these? Can you offer a citation rather than a vague accusation?
In the UK seized assets are returned to direct victims if they can be identified and if not they are used to fund the Criminal Injuries Compensation Authority, which provides compensation the blameless victims of crimes. Seized funds are generally not allowed to be used by the police (unlike in the USA) since legislators (rightly) believe that it would bias the police to be more inclined to seize assets.
Re: (Score:1)
RTFA. BBC reported that.
No. The article says:
"Some reports have suggested the UK government will seek to retain the seized funds."
The post I replied to said:
"Reports have suggested the UK government will seek to retain the seized funds to pay off its own debts,... "
It's normal for seized funds to be retained, and they are given to the CICA. It's highly unusual to use them for paying the government's debts.
UK will keep majority of crypto appreciation .. (Score:3)
Re: (Score:2)
They can claim interest on the amount, but only at a low fixed rate that isn't going to match UK inflation in that period.
Increasingly? (Score:5, Insightful)
Bitcoin and other cryptocurrencies are increasingly being used by organised criminals...
Increasingly? They have been the biggest adopters since day one.
Re: (Score:2)
Bitcoin and other cryptocurrencies are increasingly being used by organised criminals...
Increasingly? They have been the biggest adopters since day one.
Strictly speaking, this isn't an "either / or" thing. You can both be right here.
Re: (Score:2)
Re: (Score:2)
Stopped reading at .. (Score:2)
Haha. Let me guess. Any mention of if the law agencies umm.. participate.. in the proceeds of crime? Gasp! Wouldn't that be shocking.
Bitcoin Seizure (Score:5, Funny)
Re: (Score:2)
Better of the two Funny comments on the story. Another rich target mostly missed.
Hey, suckers. Enjoy the gold rush while you can. At some point the governments are going to figure out how to drain this swamp. Probably some variation of making it impossible for crypto-debts to be enforced against government fiat money.