Qian Zhimin: Crypto 'Queen' Laundered $5 Billion in Bitcoin

Qian Zhimin, 47, dubbed the crypto 'queen', faces charges in London for laundering $5 billion in Bitcoin, originating from a fraud against over 100,000 Chinese citizens.

Zhimin, posing as a successful tech entrepreneur, defrauded mainly retirees by persuading them to invest in Lantian Gerui (Bluesky Greet), an elaborate Ponzi scheme. The company promised high returns through Bitcoin mining and medical technology.

Since 2017, when the investigation began, Zhimin fled to London, where she was arrested in 2023. She had attracted 40 billion yuan ($5.6 billion) from 120,000 investors. She planned to found a bank, buy a castle in Sweden, and become the 'Queen of Liberland'.

Her trial at Southwark Crown Court includes proceedings regarding the fate of the cryptocurrencies. Meanwhile, the British Prosecution is considering a compensation mechanism for defrauded investors.

Many investors suffered severe financial consequences, with some losing everything and facing health problems.