Chinese cryptoqueen Jailed Over $6.6 Billion Crypto Scam

Where does the so-called “cryptoqueen” stack up amongst the all-time biggest crypto scammers? Self-proclaimed “cryptoqueen” Zhimin Qian has been sentenced to prison in the United Kingdom after being convicted of money laundering and possessing criminal crypto assets. Qian’s scheme defrauded more than 128,000 investors in China and accumulated illicit proceeds exceeding $6.6 billion in Bitcoin. Between 2014 and 2017, Qian ran a company called Lantian Gerui (Blue Sky), which fraudulently promised investors high returns on investments. Rather than use the funds for their intended purposes, Qian and her team diverted them into Bitcoin and luxury assets.As Chinese authorities began investigating the fraudulent operation, Qian ran to the United Kingdom under a false identity. Upon her arrival in London, Qian settled into a lavish lifestyle using the proceeds from her scam. To further conceal her identity and assets, she depended on a close network of associates. She deliberately avoided travel to nations that could facilitate her extradition to China. Qian’s lavish lifestyle in London was financed by proceeds from the scheme.  She rented an apartment for £17,000 a month and acquired high-value goods from luxury boutiques; two designer watches alone reportedly cost nearly £120,000. Law enforcement attention was drawn to Qian in 2018 when she attempted to purchase three London properties worth £40.5 million (around $53.2 million) but failed the customary anti-money-laundering checks.  At the time of her arrest in April 2024, Qian was in possession of crypto assets worth £62 million ($81.4 million), two forged travel documents, and a significant quantity of cash. One of the worst crypto scams ever Zhimin Qian’s haul of illicit Bitcoin is certainly one of the biggest on record but she’s hardly alone when it comes to illegal crypto scams. Here’s a look at some of the biggest scammer groups in history and where the cryptoqueen ranks: Scammer / GroupMethodImpact and Legal OutcomeChen Zhi / Prince GroupOperated a global “pig butchering” scheme, detaining victims to steal crypto.U.S. authorities seized $15 billion.Zhimin Qian (“cryptoqueen”)Ran a Bitcoin Ponzi scheme defrauding thousands of Chinese investors.Total losses reached $6.6 billion.Africrypt FoundersDisappeared with investor funds in what’s considered an inside job.Estimated losses of $3.6 billion. Founders deny involvement.Eligio & Kaitlyn RegaladoPastor and wife created a fake crypto (INDXcoin), targeting church members.Raised $3.4 million from followers.Lam, Chetal & SerranoExecuted a large-scale social engineering scam.Stole 4,100 Bitcoin (~$230M). Charged with wire fraud and money laundering. Source: Treasury, Bloomberg, Denver DAO, DoJ  At Southwark Crown Court, Judge Sally-Ann Hales stated that Qian’s crimes were driven by “pure greed,” explaining that she had fled China “without a thought for the people whose investments she had stolen.”Notes from Qian’s home revealed ambitions that extended beyond wealth; she aspired to become “the monarch of Liberland,” a self-proclaimed micronation, and hoped to “meet a duke and royalty.” Qian ultimately pleaded guilty to charges of money laundering and possession of criminal property. She was handed an 11-year, eight-month jail term. Bitcoin and crypto at large remain popular for criminals because it allows transactions outside of traditional banking institutions.