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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.

Qian Zhimin, also known as Zhang Yadi, 47, admitted to possessing and transferring criminal property under the Proceeds of Crime Act 2002, according to Reuters reporting. She was remanded in custody ahead of sentencing, which is scheduled for a later date.

The case stems from one of the largest cryptocurrency seizures ever, with British police confiscating over 61,000 BTC, currently valued at approximately ￡5.1 billion ($6.7 billion).?

The funds were allegedly connected to a massive Chinese investment fraud that defrauded around 128,000 victims between 2014 and 2017.

At current bitcoin pricing, that 61,000 BTC is worth nearly $7 billion.??

A ‘painstaking’ trial process

Qian reportedly fled China after the collapse of her company, Tianjin Lantian Gerui Electronic Technology Co., following China’s 2017 crypto crackdown.?

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.

Met Police officials hailed Qian’s guilty plea as the result of years of complex, cross-border investigation. Detective Sergeant Isabella Grotto, who led the inquiry, noted that the case involved painstaking evidence collection across multiple jurisdictions.

Legal analysts say the trial highlights the challenges of prosecuting cross-border cryptocurrency crimes. Qian has denied fraud and maintains her bitcoin holdings were legitimate investments. The lack of a UK-China extradition treaty and the fact that no UK entities were directly involved complicate potential fraud charges.

The trial, expected to last 12 weeks and Chinese police officers are scheduled to testify in person during the case. Several of the frustrated victims will testify remotely via video link from a court in Tianjin.

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