Bitcoin Laundering Conviction: Chinese Woman Admits Guilt in 5 Billion-Pound Fraud Case

A Chinese woman, Qian Zhimin, admitted in a London court to laundering bitcoin linked to a staggering 5 billion-pound fraud case. The surprising plea came on the first day of her trial at Southwark Crown Court, where she decided to confess to her crimes rather than proceed with a trial.

Charged with possessing and transferring criminal property, the 47-year-old is now awaiting sentencing. Judge Sally-Ann Hales kept her in custody pending further legal proceedings. The implications of this case are significant in the world of cryptocurrency-related crime.

The arrest followed a detailed investigation by British police, resulting in the seizure of digital wallets containing over 61,000 bitcoin, marking this as one of the largest cryptocurrency seizures globally. Despite her guilty plea, Qian's legal team maintained that she denied fraud charges made against her by Chinese authorities.

(With inputs from agencies.)