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Crypto Trends

Woman Pleads Guilty to $7 Billion Bitcoin Fraud Scheme in UK

by admin September 29, 2025



In brief

  • Zhimin Qian pleaded guilty to criminal acquiring and possessing criminal property and awaits sentencing.
  • She defrauded 128,000 Chinese individuals, ultimately turning illegally obtained funds into Bitcoin.
  • That Bitcoin was seized between 2018-2021 and is now valued around $7 billion.

Chinese national Zhimin Qian pleaded guilty to acquiring and possessing criminal property of 61,000 Bitcoin, now valued just shy of $7 billion, in a UK court on Monday. 

The conviction follows a seven-year investigation into international money laundering where it was discovered that Qian, who also goes by Yadi Zhang, organized a large-scale fraudulent investment scheme that defrauded 128,000 individuals. 

“Today’s guilty plea marks the culmination of years of dedicated investigation by the Met’s Economic Crime teams and our partners,” Will Lyne, The Met’s head of economic and cybercrime command, said in a statement.



“This is one of the largest money laundering cases in UK history and among the highest-value cryptocurrency cases globally,” he added “I am extremely proud of the team.”

Qian conducted the scheme between 2014-2017, defrauding individuals and ultimately turning the illegally obtained funds into Bitcoin. In 2018, she fled China and entered the UK with false documentation and later attempted to launder the money through property purchases and with the help of a conspirator, Jian Wen. 

The Met was able to seize 61,000 Bitcoin between 2018 and 2021 in what it now calls the world’s largest crypto seizure. Wen was convicted of money laundering last year, and was ordered to pay more than $3 million for her role. She was sentenced to more than six years in prison.

Civil proceedings for the recovered funds are now ongoing, but a UK-based legal partner recently told Decrypt it will be a “considerable challenge” for Chinese investors to demonstrate legitimate proprietary claims to the funds. 

“Bitcoin and other cryptocurrencies are increasingly being used by organized criminals to disguise and transfer assets, so that fraudsters may enjoy the benefits of their criminal conduct,” said Crown Prosecution Services Deputy Chief Crown Prosecutor Robin Weyell, in a statement. 

“The CPS is committed to working closely with law enforcement and investigatory authorities, to bring to justice individuals and companies who engage in laundering criminal proceeds of a cryptocurrency fraud,” she added. 

Qian was remanded into custody and will be sentenced at a later date following her guilty plea. 

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September 29, 2025 0 comments
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Crypto Trends

UK’s New Digital ID Scheme ‘Target for Hackers’

by admin September 27, 2025



In brief

  • The UK government has unveiled a mandatory Digital ID scheme, set to be introduced by 2029 at the latest.
  • Some experts highlighted privacy and security risks, particularly if biometric data is included.
  • Other ID and verification experts suggest that a nationwide scheme consolidates personal data, making it less exposed to potential hacks.

The announcement of the UK’s nationwide Digital ID scheme has divided tech experts, with privacy advocates highlighting the dangers of mission creep and security risks.

British Prime Minister Sir Keir Starmer this week announced the mandatory Digital ID scheme, requiring anyone who wishes to work in the UK to carry digital identification on their mobile phones.

Unveiled by Starmer at the Global Progressive Action Conference in London, the Digital ID is expected to be rolled out by the end of the current Parliament, which is scheduled to close in 2029.

Yet figures working within the tech sector have mixed views on whether the scheme will be a net gain for data security.

“Putting all of someone’s identity, biometrics, and access to services into one central system doesn’t just create a bigger target for hackers—it means that if that system is breached, everyone is at risk,” said Rob Jardin, chief digital officer at privacy-first decentralized VPN platform NymVPN.

Jardin underlined the risk that would come from including any biometric data—which cannot be changed in the event of a hack—in the ID scheme, while pointing to the possibility of mission creep.

“A digital ID might start as a simple way to prove who you are, but over time, it could quietly expand into tracking where you go, what you do, or even controlling access to services,” he said.

How will the UK’s Digital ID work?

The digital ID is expected to include a person’s photo, name, date of birth and residency status.

The UK Government is considering ways of enabling non-smartphone users to participate in the scheme, and will be launching a three-month consultation later in the year on best practice for delivering the service. The consultation will explore whether additional information such as addresses should be included.

Speaking at the Global Progressive Action Conference, Starmer said that the scheme is necessary to reduce illegal immigration and, in particular, the numbers of people working illegally in the UK.

I know you’re worried about the level of illegal migration into this country.

Digital ID is another measure to make it tougher to work illegally here, making our borders more secure.

Ours is a fairer Britain, built on change, not division.

— Keir Starmer (@Keir_Starmer) September 26, 2025

“Digital ID is an enormous opportunity for the UK,” he said. “It will make it tougher to work illegally in this country, making our borders more secure.”

Members of opposition parties in the UK have criticized the plans, with Liberal Democrat leader Sir Ed Davey saying that the scheme would “add to our tax bills and bureaucracy, whilst doing next to nothing” to reduce the migrant boat crossings that have become a hot topic in England.

Addressing security concerns

While some tech experts have highlighted the potential security risks involved in the Digital ID scheme, others working in relevant areas suggested that a properly designed Digital ID system could end up being more secure than existing methods for identification.

“When security concerns are addressed with advanced cryptography and continuous monitoring, they create a more resilient national infrastructure,” said Cindy van Niekerk, CEO of UK-based ID and verification firm Umazi.

As an example, Van Niekerk suggested that digital ID will save the need to email a scan of your passport to service providers and/or prospective employers, something which can be exposed to hacks and data leaks.

“Digital ID eliminates this by using cryptographic credentials that prove identity without exposing personal data,” she told Decrypt. “Citizens control what information is shared and when, creating genuine privacy protection rather than the illusion of it.”

Elaborating on this point, van Niekerk said that UK citizen data is currently stored across “hundreds of insecure databases” in the public and private sector, and that an adequate Digital ID system would consolidate verification while distributing storage, reducing the risk of mass data breaches.

“Estonia’s digital ID system, which has been in operation since 2002, today has approximately 1.4 million users and in the 23 years, has only had one incident, but emerged stronger because its decentralised architecture prevented wholesale data loss,” she explained.



Decentralizing digital IDs

The example of Estonia could be instructive, since some experts argue that decentralization may be vital in delivering an ID scheme in a robust and secure way.

“Strong legal protections and transparency matter, but the real safeguard is building systems in a decentralized way—meaning no single authority controls all the data, and individuals always hold the keys to their own data,” said Jardin. “Done right, decentralised digital IDs could deliver convenience and trust without turning into a tool of surveillance we later regret.”

This emphasis on decentralization is something that van Niekerk largely agreed with, although she also underlined the important role that quantum computing could end up playing in any nationwide ID system.

“The UK can deploy quantum-resistant algorithms from day one, avoiding the billions of retrofitting costs other countries will face later,” she said.

She also explained that a decentralized architecture would enhance any quantum resilience the UK digital ID scheme could ultimately include.

“Distributed systems using post-quantum cryptography create multiple protection layers,” she said. “Even if one cryptographic method is compromised, redundant quantum-safe protocols maintain system integrity.”

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September 27, 2025 0 comments
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Crypto Trends

X Takes Legal Action Against Crypto Scamming Network’s Bribery Scheme

by admin September 20, 2025



In brief

  • Social media platform X says it’s taking legal action against some banned accounts.
  • The accounts in question allegedly bribed X employees to regain access to the platform.
  • Some of the accounts in question were crypto scammers, X said.

Social media platform X is taking legal action against banned users, including crypto scammers, who have tried to bribe the company’s employees to regain access to the website, the company said in an announcement Friday.

The platform, formerly known as Twitter, said that the bribery network was linked to wider criminal organizations. 

X added that it was working with law enforcement. The company did not reveal much else about the nature of the banned accounts. Decrypt reached out to X for comment. 

“X has exposed and is taking strong action against a bribery network targeting our platform,” read the announcement. “Suspended accounts involved in crypto scams and platform manipulation paid middlemen to attempt to bribe employees to reinstate their suspended accounts.”

It added: “These perpetrators exploit social media platforms like Instagram, TikTok, YouTube, Minecraft, and Roblox and are linked to wider criminal organizations, including ‘The Com.'”

X has exposed and is taking strong action against a bribery network targeting our platform. Suspended accounts involved in crypto scams and platform manipulation paid middlemen to attempt to bribe employees to reinstate their suspended accounts. These perpetrators exploit social…

— Global Government Affairs (@GlobalAffairs) September 19, 2025

The Federal Bureau of Investigation in July warned of “a growing and evolving online threat group known as The Com,” adding that the network was mainly made up of minors and worked to commit cyber crimes. 

“The sophistication of The Com criminal activity has grown over the last four years, with subjects employing increasingly complex methods to mask their identities, hide financial transactions, and launder money,” the FBI’s statement said. 



Social media platform X is no stranger to crypto scammers. In 2020, when it was Twitter and owned by Jack Dorsey, criminals hacked a number of celebrity and brand accounts—including former President Barack Obama, Apple, Uber, and rapper Kanye West—to push a Bitcoin scam.

Last year, hackers targeted high-profile accounts to push a Solana-based meme token, compromising the accounts of computer brand Lenovo’s India division, film director Oliver Stone, and Brazilian soccer player Neymar Jr. 

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September 20, 2025 0 comments
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Crypto Scam Bribery Scheme Busted by Elon Musk's X Platform
NFT Gaming

Crypto Scam Bribery Scheme Busted by Elon Musk’s X Platform

by admin September 19, 2025


  • Large-scale operation  
  • X’s crypto scam problem  

X, Elon Musk’s social media platform that was formerly known as Twitter, has uncovered a bribery network that was operating against it.

Some of the suspended accounts tied to cryptocurrency scams attempted to get reinstalled by attempting to bribe the social network’s employees. 

Large-scale operation  

While the warning was specifically issued by X, it is worth noting that the malicious actors were also targeting other social media platforms like Instagram, YouTube, and TikTok. 

The attackers have been linked to larger criminal organizations, including “the Com,” which is a notorious cybercrime group. 

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X says that it has already initiated legal proceedings against those who took part in the sham. 

“Our commitment to ensuring our platform’s integrity is absolute,” X’s Global Government Affairs team said. 

X’s crypto scam problem  

X (formerly Twitter) is no stranger to security incidents involving cryptocurrencies. 

Back in July 2020, the popular social media sites suffered the so-called “Celebrity Bitcoin Hack.” Various high-profile individuals, including Musk himself, Bill Gates, and so on. 

The hacker managed to gain control of employee access controls with the help of clever social engineering. 

Of course, the platform also continues to be plagued by bots impersonating prominent personalities such as Ripple CEO Brad Garlinghouse. 

Following the latest incident, X has stated that the team’s commitment to ensuring the platform’s integrity remains “absolute.”

That said, some users have complained that Elon Musk’s social media platform is not doing enough to combat rampant bot networks. 



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September 19, 2025 0 comments
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D.C. AG accuses Bitcoin ATM operator of actively enabling fraudsters
NFT Gaming

DOJ pursues $5m in Bitcoin tied to SIM swap fraud and laundering scheme

by admin September 9, 2025



DOJ prosecutors trace a path of stolen Bitcoin from hijacked phones through a complex web of wallets, culminating in a series of circular transactions at an online casino designed to mask the illicit funds’ origins.

Summary

  • DOJ has filed civil forfeiture to recover $5 million in Bitcoin stolen via SIM swap attacks.
  • The department traced the stolen crypto through multiple wallets and circular transactions at an online casino.
  • Attacks targeted five U.S. victims between October 2022 and March 2023.

According to a September 9 press release by the U.S. Attorney’s Office, District of Columbia, the Department of Justice has initiated a civil forfeiture action targeting a specific cryptocurrency wallet containing 117 BTC.

The complaint alleges the funds are the proceeds of a series of SIM swap attacks that targeted five victims between October 2022 and March 2023. U.S. Attorney Jeanine Ferris Pirro stated that after the initial thefts, the perpetrators moved the Bitcoin through a maze of digital wallets before consolidating the entire $5 million haul into a single address that funded an account at the online casino Stake.com.

How the SIM swap scheme unfolded and the DOJ’s response

DOJ investigators say the perpetrators used SIM swap attacks to bypass standard security measures and gain control of victims’ mobile numbers. With the stolen numbers, they intercepted two-factor authentication codes that allowed them to log in to the victims’ crypto wallets and transfer assets into accounts under their control.

The Justice Department explained that the perpetrators attempted to obscure the origin of the funds by repeatedly cycling the bitcoin through deposits and withdrawals at the casino.

 “Many of these transactions were circular in that they eventually returned funds to their original source, and consistent with money laundering utilized to “clean” proceeds of criminal activity,” the statement read.

The laundering pattern, prosecutors say, made it appear as though the funds were legitimate business activity rather than proceeds of theft. This high-profile case is being prosecuted by Trial Attorneys Jessica Peck and Gaelin Bernstein of the Justice Department’s Computer Crime and Intellectual Property Section (CCIPS), alongside Assistant U.S. Attorneys for the District of Columbia.



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September 9, 2025 0 comments
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