A woman, said by police to have bought cryptocurrency now worth billions of pounds using funds stolen from thousands of Chinese pensioners, is due to be sentenced this week for money laundering. After fleeing China, she moved to a mansion in Hampstead, north London. The Metropolitan Police raided it a year later and made one of the world's single largest crypto seizures. More than 100,000 Chinese people invested their money in her company - which claimed to be developing high-tech health products and mining cryptocurrency. In reality, she embezzled the funds, police say. As she awaits sentencing, investors have told the BBC World Service they hope to get at least some of their cash back from the UK authorities. Anything left unclaimed would normally default to the UK government - leading some to speculate that the Treasury could stand to gain from the haul. If we can gather all the evidence together, we hope the UK government, the Crown Prosecution Service and the High Court can show compassion, said one victim we are calling Mr Yu, who says his marriage failed as a result of the fraud. Because now, it's only that haul of Bitcoin [cryptocurrency] that can return us a little bit of what we lost. Qian Zhimin, 47, arrived in the UK under a fake passport in September 2017, after Chinese police started investigating her. She moved into a mansion on the edge of Hampstead Heath, at a rent of more than £17,000 ($22,700) a month. To pay for this, she needed to convert her Bitcoin stash back into money she could spend. So she posed as a wealthy antiques and diamond heiress, and hired a former takeaway worker as her personal assistant, who she asked to trade the cryptocurrency into other assets, such as cash and property.
Cryptoqueen Qian Zhimin to be Sentenced for £5 Billion Bitcoin Fraud

Cryptoqueen Qian Zhimin to be Sentenced for £5 Billion Bitcoin Fraud
Qian Zhimin, who embezzled vast sums from Chinese pensioners through a cryptocurrency scam, faces sentencing after UK authorities uncovered a £5 billion stash in her Hampstead mansion.
Qian Zhimin, a Chinese woman alleged to have orchestrated a £5 billion bitcoin fraud, will be sentenced this week in the UK. After fleeing China, she lived lavishly in Hampstead, where police found a large stash of cryptocurrency linked to funds stolen from thousands of investors. Victims hope to recover their losses as the legal proceedings unfold.
















