In what authorities are calling the largest cryptocurrency seizure in the world, a Chinese national has been convicted in the UK following a sweeping international fraud investigation.

The Metropolitan Police confirmed that they recovered an unprecedented 61,000 Bitcoin, currently valued at more than £5 billion ($6.7 billion). The haul, which officials believe to be the single largest of its kind, represents a massive breakthrough in the global fight against financial cybercrime.

The defendant, Zhimin Qian, also known as Yadi Zhang, pleaded guilty on Monday at Southwark Crown Court to illegally acquiring and possessing the cryptocurrency. Qian, who had previously fled China after being implicated in a large-scale investment scam, had been living under a false identity in London.

According to investigators, Qian laundered billions through a complex web of shell companies and international bank transfers before moving the assets into Bitcoin. Police described the operation as “sophisticated and highly coordinated,” involving multiple jurisdictions and law enforcement agencies worldwide.

A second individual, whose name has not yet been publicly disclosed, appeared in court on Tuesday and admitted to their role in the scheme, further highlighting the wide network of collaborators involved in the fraudulent operation.

Detectives from the Met’s Specialist Crime Command praised the case as a landmark in tackling cryptocurrency-based fraud.

“This was not just about seizing Bitcoin; it was about dismantling a vast criminal network that exploited thousands of victims globally,” a police spokesperson said.

The sentencing for Qian and their accomplice is expected in the coming weeks. Legal experts suggest it could result in one of the harshest penalties for crypto-related crime in the UK to date, given the scale of the fraud and international repercussions.

This case underscores growing concerns among regulators and law enforcement agencies about the use of cryptocurrencies in large-scale money laundering and fraud schemes, and is likely to fuel calls for tighter regulations on digital assets.