Global Biggest Bitcoin Fraud: “Crypto Queen” Backing ₹60,000 Crore Digital Scam Arrested

“Recently, the biggest global bitcoin fraud case has come forward involving ₹60,000 crore digital scam.”

A lady who transformed stolen funds into billions of rupees in Bitcoin and disappeared behind layers of encrypted wallets is revered in underground circles as the “Goddess of Digital Wealth,” and the story reads like a thriller.

Chinese national Jimin Chan, better known by his stage name Yadi Zhang, acknowledged masterminding one of the biggest cryptocurrency scams in history on Monday in London’s Southwark Crown Court.

Investigators from the Metropolitan Police recovered 61,000 Bitcoins, the greatest cryptocurrency seizure in the world, valued at almost ₹60,000 crore (£5 billion).

A Cyber Empire Based on Deceit

Jimin Chan depicted the lifestyle of a millionaire heiress, complete with private aircraft, sports vehicles, and opulent penthouses. She was referred to as the “Crypto Queen” and had developed an air of financial dominance.

However, beneath the glitz was a global network of money-laundering schemes, shell corporations, and bogus accounts. According to authorities, Chan turned stolen money into Bitcoin and kept it in dozens of encrypted wallets that were almost impossible to track down.

The Seizure and Investigation

The extent of Chan’s activities was revealed during a three-year cyber-forensic investigation conducted by the Economic Crime Command of the Metropolitan Police. Investigators discovered a complex money laundering network that turned illegal funds into Bitcoin after tracking down hundreds of wallets, sham corporations, and international transactions.

Chan’s colleague also entered a guilty plea to helping in the operation earlier this week.

Professor Triveni Singh, Cybercrime Expert & Ex-IPS Officer

“These days, a laptop and internet connectivity are more potent than a gun. Despite being revolutionary, blockchain hides criminals.

They are able to dodge investigators, conceal identities, and move money across borders.”

Singh goes on to say:

“Jimin Chan’s case represents the global face of digital money-laundering; it is not just the narrative of one scammer. To make illicit funds seem genuine, criminals take advantage of deep networks and the dark web. This is a national security issue in addition to being a financial criminal.”

He underlines that such frauds will keep becoming worse in the absence of coordinated worldwide regulations: “The next big crime will target an entire digital economy, not just a bank vault.”

Is it Freedom or Fraud? The Crypto Paradox

At first, Bitcoin and other cryptocurrencies were praised as representations of openness and financial freedom. They are now a tool used by criminals who want to remain anonymous.

Crypto-based money laundering is on the rise worldwide, according to experts. The end of this trend is exemplified by Jimin Chan’s operation, which serves as a warning about the dual nature of technology.

Next Steps

Chan was found guilty and will soon be sentenced. Stricter crypto laws, such as wallet tracking and improved verification procedures, are allegedly being considered by the UK and EU in the wake of this case.

However, experts caution that the tide of digital fraud will continue even if one thief is apprehended. There might be another Crypto Queen on the rise somewhere in the world for every one that has been captured.

The Dark Reality of the Digital Age

Technology is both empowering and dangerous. Crime becomes undetectable and transnational when money, identity, and business are conducted online. The story of Jimin Chan, the self-described Crypto Queen, serves as a reminder that every technological advancement in the digital age has the potential for a new kind of criminal.

About The Author

Suraj Koli is a content specialist in technical writing about cybersecurity & information security. He has written many amazing articles related to cybersecurity concepts, with the latest trends in cyber awareness and ethical hacking. Find out more about “Him.”

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