Cryptoqueen Sentenced for $5B Ponzi Scheme

Cryptoqueen Zhimin Qian, a Chinese woman, was sentenced to over eleven years in UK prison for a massive Ponzi scheme, defrauding over 128,000 people of five billion pounds in Bitcoin. This is the largest cryptocurrency seizure in UK history, with authorities recovering sixty-one thousand Bitcoin. Qian, who lived an extravagant lifestyle in Europe, was arrested in April 2024 after years of evading authorities. She fled to the UK using a fake identity, renting a lavish house and attempting to purchase multi-million pound properties. Her accomplice, Seng Hok Ling, was sentenced to four years and eleven months. This case underscores the global reach of financial crime and the growing role of cryptocurrencies in such schemes.The Daily News Now! — Every city. Every story. AI-powered. Hosted on Acast. See acast.com/privacy for more information.