US EditionChinese Businesswoman Faces Jail After US$6 Billion UK Crypto Seizure
Zhimin Qian defrauded over 120,000 Chinese investors in a Ponzi scheme and laundered $6 billion in Bitcoin through UK property, facing up to 14 years in prison.
- On September 29, Chinese businesswoman Zhimin Qian pleaded guilty and will be sentenced after a two-day hearing at London's Southwark Crown Court, following the Metropolitan Police's seizure of more than 61,000 Bitcoins worth over $6 billion.
- The scheme, prosecutors say, paid earlier investors with money from new entrants rather than mining returns, while Lantian Gerui staged events reaching some 120,000 people and drew $5.6b deposits.
- After fleeing China, Qian rented a Hampstead mansion and converted victims' money into Bitcoin that multiplied more than 20 times, using assistants to trade crypto into cash and property.
- A civil 'proceeds of crime' case will decide the seized assets early next year, while thousands of investors plan claims despite needing to prove transfers through local promoters; the Crown Prosecution Service said last month it may offer a compensation scheme for unrepresented victims.
- William Glover, lawyer at Fieldfisher, called the case possibly the largest by value involving an individual; Qian pleaded guilty and faces up to 14 years, while Seng Hok Ling, Malaysian accomplice, also admitted money laundering.
73 Articles
73 Articles
Inside life of luxury of Ponzi scheme mastermind behind £5.5billion Bitcoin scam - The Mirror
Zhimin Qian, 47, masterminded a Ponzi scheme which defrauded more than 128,000 victims in China between 2014 and 2017 and stored the illegally obtained funds in Bitcoin assets
Tioga Publishing
Chinese 'goddess of wealth' faces jail after huge UK crypto seizure
A Chinese woman facing a long jail term for her role in a multibillion-dollar Bitcoin scam lived in luxury as she evaded the authorities for years, a UK court heard Monday.
This 47-year-old Chinese woman faces fourteen years in prison for possession and transfer of property of criminal origin. The judgement is expected to be delivered on 11 November in London.
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Scientists at Vitalia, a pop-up city on a Honduran island, promised to "make death optional" by fast-tracking longevity drugs outside U.S. regulatory constraints. According to a report in The New Republic, the experiment attracted crypto enthusiasts and biohackers to Próspera. — Read the rest The post Crypto-funded longevity city collapses after promising immortality appeared first on Boing Boing.
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