LONDON (IT BOLTWISE) – A massive Bitcoin scam has robbed thousands of Chinese investors of their savings. The mastermind, who fled to Great Britain, is now on trial. Investors are hoping for a refund as British authorities decide the fate of the seized cryptocurrency.
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Chinese woman Qian Zhimin is at the center of attention in one of the biggest fraud cases in cryptocurrency history. She is accused of purchasing billions of pounds in Bitcoin using funds stolen from thousands of Chinese pensioners. After fleeing to Britain, she lived in a luxurious property in Hampstead, north London, until the Metropolitan Police raided it and carried out one of the world’s largest crypto seizures.
More than 100,000 Chinese invested in Qian’s company, which claimed to invest in cutting-edge healthcare products and cryptocurrency mining. In reality, it was an elaborate Ponzi scheme in which investors’ funds were embezzled. British authorities now face the challenge of managing the seized Bitcoins, while defrauded investors hope to get at least some of their money back.
Qian, who entered the UK under a fake passport, lived in a property with a monthly rent of over £17,000. To finance her luxurious lifestyle, she had to convert her Bitcoin holdings into spendable money. She posed as a rich heiress and hired an assistant to convert the cryptocurrency into other assets. But when she tried to buy a large property on Totteridge Common, police became aware of her dubious financial sources.
The investigation revealed that Qian’s company, Lantian Gerui, was merely a front to lure more investors into the scheme. Daily payouts to investors were funded by new investors’ money, not actual crypto mining profits. The British authorities now face the challenge of assessing the legitimate claims of the defrauded investors while the confiscated Bitcoins worth billions of pounds are dealt with in civil proceedings.
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