Seized Bitcoin Worth 9 Trillion Won... Lavish Lifestyle on $24,000 Rent Ends in Prison

Money Laundered in the UK After Defrauding 120,000 People in China
128,000 Victims, 9 Trillion Won Worth of Bitcoin Seized

A woman who orchestrated a Ponzi (multi-level marketing) scheme targeting 120,000 people in China and siphoned off a massive sum of money has been sentenced to 11 years and 8 months in prison in the United Kingdom on charges of money laundering. The seized Bitcoin alone is valued at approximately 9 trillion won, making it the largest cryptocurrency crime in UK history for a single case.

Chen Zemin sentenced to 11 years and 8 months in prison for Ponzi scheme. Photo by AFP Yonhap News

According to BBC and Reuters on November 11 (local time), the Southwark Crown Court in London sentenced Chen Zemin, a 47-year-old Chinese national also known by the alias "Yadi Zhang," to 11 years and 8 months in prison. Chen admitted to all charges of possessing and laundering illegal funds.

The British authorities seized about 61,000 Bitcoins, which are worth 5 billion pounds (approximately 9.4 trillion won) at current market value. The BBC reported, "This is the largest amount of cryptocurrency ever seized in a single case in UK history."

Chen was accused of raising investment funds from approximately 128,000 people in China between 2014 and 2017, then converting the funds into Bitcoin and siphoning them off. To evade authorities, she fled through Southeast Asia and entered the UK in 2017 using forged documents. In London, she cashed out Bitcoin, rented a luxury home for 17,000 pounds (about 32.7 million won) per month, and indulged in luxury shopping and travel.

Her accomplice, Yuan Jian, who worked as her secretary, was sentenced to prison last year. Yuan testified, "Chen spent most of her days in bed, either playing games or shopping online."

In 2018, Yuan Jian, under Chen's instructions, attempted to purchase a mansion in London for 12.5 million pounds (about 2.4 billion won) but failed to properly explain the source of the funds, raising suspicions from the authorities and ultimately prompting a police investigation.

Although Chen's criminal trial has now concluded, Reuters reported that legal disputes are expected to continue regarding how the British government will handle the seized Bitcoin and the issue of compensating the victims.

This content was produced with the assistance of AI translation services.