From Dreaming of Queens to Prison Gates: Qian Zhimin and the Absurd Scam of 60,000 Bitcoins

Original Article Title: The jailed $6B bitcoin fraudster who wanted to be Liberland's queen
Original Article Author: Proto Staff
Translation: Peggy, BlockBeats

Editor's Note: In the history of crypto, few scams have combined such absurdity and scale.

Jane Qian, the Chinese woman who claimed to be crowned queen in a "microstate," ultimately received an 11-year, 8-month prison sentence from a UK court for orchestrating a scam involving 60,000 bitcoins, totaling up to $6 billion.

She once dreamed of building temples, wearing a crown, and being crowned in Liberland. Now, behind bars, she faces the collapse of the myth she wove with her own hands.

Below is the translation of the original article.

From Queen's Dream to Prison Gates

Jane Qian's life story is like a surreal "crypto fairy tale."

This 47-year-old Chinese woman received an 11-year prison sentence from a UK court for planning and leading a scam involving up to $6 billion in bitcoin. After initiating and executing the scam in China, she fled to the UK in 2017. Seven years later, in 2024, she was arrested in York and pleaded guilty to multiple criminal charges in a UK court the following year.

But before her arrest, her ambitions exceeded mere "wealth."

According to the Financial Times, in her online diary, Jane Qian claimed to "ascend to the throne" as the queen of Liberland, a "microstate" led by Justin Sun, and planned to invite the Dalai Lama to crown her as a "goddess." She planned to build a Buddhist temple, airport, and port on the 7-square-kilometer land wedged between Croatia and Serbia, even intending to spend $5 million to create her own crown and scepter.

And that's not all. As revealed by British media, she also intended to win over a British Duke and, incidentally, purchase a Swedish castle to add a touch of European flair to her "kingdom."

The issue is, Liberland is not a place that needs a "queen." This unrecognized "country" claims to be a democratic republic (not a monarchy), with founder Vit Jedlicka serving as president and cryptocurrency billionaire, TRON founder Justin Sun, being elected prime minister five times in a row.

The Illusion of 300% Returns, and the Plight of 120,000 Victims

During the peak of the scam, she promised investors returns as high as 300% and claimed the project had "high-level support," even stating that a marketing event would be held in the legislative chamber of China — until the fraud collapsed.

According to investigations, before she fled to the UK, over 120,000 people had already been defrauded, with the funds involved amounting to around 60,000 Bitcoins. Following this, she collaborated with a former delivery driver to launder the money, and over the years, this stash of Bitcoins surged in value to $6 billion.

Currently, the destination of this massive Bitcoin asset remains uncertain. Lawyers reveal that tens of thousands of victims are attempting to reclaim their funds through legal means, but due to intricate transfers and the involvement of local intermediaries, providing evidence is extremely challenging.

Reportedly, the related civil asset recovery cases are expected to go to court early next year, at which time the specific disposition of this substantial amount of Bitcoin will be decided.