UK Police Seize $7.3B in Bitcoin from Chinese Fraudster Zhimin Qian

In a landmark case, UK police have carried out the country’s largest-ever cryptocurrency seizure, confiscating Bitcoin worth an estimated $7.3 billion. The digital fortune belonged to Zhimin Qian, a Chinese national who orchestrated a massive fraud scheme between 2014 and 2017, defrauding approximately 128,000 victims.

Qian, who later moved to Britain in 2018, attempted to launder her illicit gains through property purchases. However, following a seven-year investigation by the Metropolitan Police in collaboration with international law enforcement, she pleaded guilty to the charges. Authorities discovered she held around 61,000 BTC, now valued at billions due to Bitcoin’s price surge over the years.

This unprecedented seizure not only surpasses the infamous Bybit hack—which resulted in $1.5 billion in stolen assets—but also effectively doubled the UK government’s cryptocurrency holdings overnight. Britain has long ranked as the third-largest national Bitcoin holder, but this development could put its reserves on par with those of the United States.

While the U.S. often redistributes seized crypto assets to fraud victims, the UK may not face the same obligations, as most of Qian’s victims were based in China, where crypto regulations remain restrictive. This opens the possibility for Britain to retain the seized Bitcoin, sparking speculation about the creation of a “UK Bitcoin Reserve.”

Political figures have already weighed in. Nigel Farage, who has been appealing to crypto enthusiasts as part of his campaign for Prime Minister, previously suggested that the UK should explore building such a reserve. With this massive seizure, that idea now appears far more feasible.

Regardless of the government’s decision, the case marks a historic moment in crypto enforcement. It underscores the growing role of Bitcoin in financial crime and highlights how law enforcement agencies are adapting to tackle fraud at an unprecedented scale.