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A Chinese national accused of laundering bitcoin linked to a multi-billion-pound fraud pleaded guilty on the first day of her trial at the Southwark Crown Court in London, England.<\/p>\n
Qian Zhimin, also known as Zhang Yadi, 47, admitted to possessing and transferring criminal property under the Proceeds of Crime Act 2002, according<\/a> to Reuters reporting. She was remanded in custody ahead of sentencing, which is scheduled for a later date.<\/p>\n The case stems from one of the largest cryptocurrency seizures ever, with British police confiscating<\/a> over 61,000 BTC, currently valued at approximately \u00a35.1 billion ($6.7 billion).\u00a0<\/p>\n The funds were allegedly connected to a massive Chinese investment fraud that defrauded around 128,000 victims between 2014 and 2017.<\/p>\n At current bitcoin pricing, that 61,000 BTC is worth nearly $7 billion.\u00a0\u00a0<\/p>\n Qian reportedly fled China after the collapse of her company, Tianjin Lantian Gerui Electronic Technology Co., following China\u2019s 2017 crypto crackdown.\u00a0<\/p>\n She attempted to launder the proceeds in the UK through property purchases, aided by an accomplice, Jian Wen, who was previously jailed for facilitating the movement of 150 BTC.<\/p>\nA \u2018painstaking\u2019 trial process<\/h2>\n