Key Takeaways
What triggered the U.K.’s compensation move?
Well, it seems the Crown Prosecution Service, in its infinite wisdom, has confirmed that a rather “refined” restitution plan is on the horizon, thanks to the neat little £5 billion Bitcoin seizure.
What’s next in the case?
Oh, a delightful courtroom drama unfolds with sentencing scheduled for Qian and her partner-in-crime, Ling, on 10-11 November. Naturally, the whole show will wrap up with a civil recovery and compensation order. How thrilling!
The U.K. government, in all its glory, is preparing a compensation scheme for victims of a Chinese crypto fraud. Yes, it’s real! This revelation-brought to us by none other than The Financial Times on the 15th of October-follows a dramatic announcement from the Metropolitan Police last month.
Apparently, the Crown Prosecution Service (CPS) is just buzzing to create a restitution framework for the most extravagant Bitcoin seizure in U.K. history. The Met Police have made sure the 61,000 Bitcoin, currently worth about £5 billion, are safely tucked away, courtesy of Chinese national Zhimin Qian (also known as Yadi Zhang) and her trusty sidekick, Seng Hok Ling.
Qian and Ling, in a rare moment of honesty, pled guilty at Southwark Crown Court to charges under the Proceeds of Crime Act (2002). They were the masterminds behind a massive investment scam in China, leaving more than 128,000 poor souls financially ruined. But hey, no one’s perfect, right?
DPP confirms restitution plan
According to the ever-reliable FT report, Stephen Parkinson, the Director of Public Prosecutions, has dutifully assured victims that the government is considering a formal compensation scheme. Although, naturally, the exact details remain a well-guarded secret.
In court, CPS counsel Martin Evans KC confidently announced that this scheme will provide “adequate protection for victims.” Because what could be more reassuring than the word “adequate” in a legal context?
In a moment of pure suspense, Evans revealed that Qian had-get this-recently provided access codes and passwords to additional wallets containing roughly £67 million in crypto assets. A hidden ledger, conveniently discovered in a pocket at the time of her arrest, led investigators to these newfound riches. A lucky break for everyone, I’d say!
Victims’ lawyer, William Glover from Fieldfisher, pointed out that the DPP has “accepted responsibility” to craft this restitution process, as if it were an extravagant feast for all the scammed parties who can’t recover their losses the old-fashioned way. Delightful.
Context: world’s largest crypto seizure
The Met Police’s Economic Crime Command proudly labeled this case as the largest U.K. Bitcoin seizure and money-laundering operation to date. And, just in case you were wondering, they received a bit of help from Chinese law enforcement and the CPS. A real international team effort, wouldn’t you say?
Sentencing for Qian and Ling is scheduled for 10-11 November at Southwark Crown Court. After that, brace yourselves for a civil recovery and compensation order. It’s going to be a grand finale!
Global parallel: U.S. pursues $12 billion forfeiture
The U.K. is not the only one getting in on the action. Just days before, the U.S. Department of Justice filed for the forfeiture of 127,271 BTC, worth around $12 billion. This move, in connection with a transnational “pig-butchering” scam run by one Chen Zhi, shows the global effort to reclaim illicit digital assets is gaining momentum. The U.S. case has made history as the largest crypto forfeiture in the world. Talk about one-upmanship!
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2025-10-16 01:03