Chinese Woman Admits UK Bitcoin Laundering Charges on First Day of Trial
By Emma Walker, World Today News | november 6, 2023
LONDON – Qian Zhimin, a Chinese national also known as Zhang Yadi, pleaded guilty to money laundering charges in London’s Southwark crown Court on Monday, November 6th. The charges relate to the laundering of Bitcoin allegedly connected to a £5 billion ($6.7 billion) fraud.
The 47-year-old entered her guilty pleas on the opening day of what was scheduled to be a full trial. She admitted to one count of possessing criminal property and one count of transferring criminal property.
Judge Sally-Ann Hales ordered Qian to be remanded in custody pending sentencing, with a date to be determined. The case has garnered international attention due to the sheer scale of the cryptocurrency involved.
Qian’s arrest followed a major inquiry by British police, culminating in the seizure of digital wallets containing over 61,000 Bitcoin. At current values, this seized cryptocurrency is worth approximately £5.1 billion, marking one of the largest cryptocurrency seizures ever undertaken by law enforcement globally.
While admitting to the laundering charges in the UK, Qian’s legal representatives previously stated that she denies allegations of fraud originating in china. A statement released following her arrest last year affirmed her denial of those separate claims.
This case highlights the growing challenges faced by law enforcement agencies in tackling financial crime involving cryptocurrencies and the increasing sophistication of money laundering operations utilizing digital assets.
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