Chinese Woman Qian Zhimin Orchestrates One of the Largest Embezzlement Cases in Cryptocurrency History, Brainwashing 130,000 People and Stealing 43 Billion RMB, from Financial Myth to Fall of a Fraud Mogul
In the history of Chinese finance, Qian Zhimin's name will be remembered not for her business achievements but for orchestrating one of the largest fraud cases in the history of cryptocurrency in China and globally. She used high-return investments as bait, brainwashing 130,000 investors, embezzling 43 billion RMB, and fleeing after converting the funds into 61,000 bitcoins. In recent years, the rise of cryptocurrencies has brought revolutionary changes to the global financial system but has also provided criminals with new channels for money laundering and asset transfer. This case has attracted widespread attention from global financial regulatory agencies and law enforcement. On April 24, 2024, local time in the UK, Qian Zhimin appeared for the first time in the Westminster Magistrates' Court under the name (Zhang Yadi), where she was accused of obtaining, using, or possessing cryptocurrency, a criminal property, from October 1, 2017, to April 2024, in London and other places in the UK.