$7 billion in Bitcoin confiscation: Zhiming Xiang admits guilt

In the UK, the investigation into the largest fraud in history is nearing completion. The 47-year-old Chinese woman, Zhimin Qian, pleaded guilty in a London court on September 29th. The crime against him is related to the laundering of a record amount of cryptocurrency worth $7 billion, which has been declared one of the largest confiscations in the world.

$7 billion in Bitcoin confiscation

According to Scotland Yard, British police confiscated the cryptocurrency from Syan. This is a record amount of money, and his confession was the culmination of an investigation conducted within the framework of a global money laundering scheme that lasted almost seven years.

Fraud and Bitcoin transfers in China

Xiang committed a major fraud in China between 2014 and 2017. His company - Tianjin Lantian Gerui Electronic Technology - has deceived more than 128 thousand depositors. He promised the victims a 300 percent return and transferred the funds received from them to bitcoins.

Immigration to Britain and elite real estate

The future of the fraudulent woman has become even more complicated. Xian left China, moved to Great Britain, and bought one of the most expensive properties. Also, his accomplice was sentenced to 6 years in prison for crimes related to his work.

How are the confiscated funds distributed?

The question of how to use the large funds transferred to Qian's hands in the future is becoming increasingly interesting. The UK government wants to keep these funds to cover the budget deficit, but many Chinese victims are demanding their money back.

Personal diary & dream

According to the results of the investigation, Xiang wrote in his personal diary that he dreamed of considering himself a "goddess" and a "queen." These fantasies, on the one hand, caused difficulties in his work.

Conclusion

While Xiang admitted his guilt, the impact of his investigation and findings will be sufficiently serious for global legal problems. The fate of this case will depend on a number of other factors.