Woman pleads guilty in multi-billion-dollar bitcoin fraud

Summary

Podcast Summary: Marketplace Morning Report

Episode: Woman pleads guilty in multi-billion-dollar bitcoin fraud
Date: September 30, 2025
Host: David Brancaccio (Marketplace), William Lee Adams (BBC World Service)

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Episode Overview

This episode delivers a concise roundup of the day’s most pressing business and economic stories from around the world. The top story is about a Chinese woman in London pleading guilty in what is believed to be the world’s largest-ever bitcoin seizure case, involving fraudulent gains of over $6 billion. The episode also covers a major cyberattack that paralyzed Japan’s largest brewing company, the looming expiration of a cornerstone US-Africa trade deal, and a global market update.

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Key Discussion Points & Insights

1. Record-Breaking Bitcoin Seizure and Fraud

(01:06–03:14)

• Background:

  • A Chinese national, Jimin Chen, pleaded guilty in London to illegally acquiring and possessing bitcoin resulting from a multibillion-dollar fraud.
  • Over 120,000 people were defrauded in China from 2014 to 2017.
  • Chen fled China with 61,000 bitcoins after a government crackdown on crypto entrepreneurship.

• Details of the Case:

  • The case is considered the largest known cryptocurrency seizure—$6 billion in bitcoin.
  • London police, during a 2018 raid investigating a suspicious property purchase, found “devices containing Bitcoin” linked to Chen and her assistant, Jian Wu (a former takeaway worker).
  • Authorities only realized the true value of the seized bitcoin in 2021, by which time Chen had disappeared.
  • She was eventually apprehended in northern England three years later.

• Chen’s Defense & Future Plans:

  • Chen’s lawyers claim she fled China under duress due to the crackdown.
  • She has intentions to return the defrauded funds.
  • A digital diary revealed plans to found her own “small kingdom between Croatia and Serbia” with ambitious infrastructure projects, including an airport and Buddhist temple.

• Ongoing Legal Dispute:

  • Chinese and British authorities are litigating over the ownership of the seized bitcoin.

• Notable Quotes:

  • Stephanie Prentice (BBC):

    “It was being stored by Jimin Chen and her assistant, former Chinese takeaway worker Jian Wu, and is thought to be the proceeds of an investment fraud in China between 2014 and 2017, which tricked more than 120,000 people.” (01:57)
    “A digital diary found by police outlines her plans to build a small kingdom between Croatia and Serbia that she intended to rule with the crown and scepter...” (02:46)

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2. Cyberattack Cripples Japan’s Leading Brewer

(03:14–04:11)

• Incident:

  • Asahi, Japan’s largest brewing company, suspended orders and shipping after a massive cyberattack struck its 30 domestic plants.
  • The timeline to resume production is unclear.

• Scope & Response:

  • Customer details are reportedly unaffected; European and UK operations are also safe.
  • Asahi is actively investigating and working to restore operations.
  • The incident highlights a wider vulnerability to cyberattacks among major companies—referencing similar recent attacks on Marks and Spencer, Jaguar Land Rover, and Harrods.

• Notable Quote:

  • Katie Silver (BBC):

    “It does show this vulnerability that many companies are facing... and many questioning how they can mitigate these impacts and how they can prepare themselves.” (04:00)

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3. Global Market Update & Corporate News

(04:11–04:56)

• European Markets:

  • The Stoxx Europe 600 index rose nearly 1% in September—the best monthly performance for European stocks since 2019.

• Corporate Workforce Shift:

  • Pharma giant Novo Nordisk (makers of Ozempic) asked some employees to accept demotions to keep their jobs; the company is cutting 11% of its workforce.

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4. US–Africa Trade Relations in Jeopardy

(04:56–07:23)

• AGOA Expiry:

  • The African Growth and Opportunity Act (AGOA), a key US-Africa trade agreement, is set to expire. It has enabled duty-free exports from sub-Saharan African countries to the US for 25 years.

• Impact on Kenyan Garment Industry:

  • At Shona, a garment factory in Nairobi's Export Processing Zone, hundreds of workers, most of them women, rely on AGOA for steady employment.
  • In 2024, Kenya exported $470 million worth of apparel to the US, supporting more than 66,000 direct jobs.
  • Factory management warns that unless AGOA is renewed, investments totaling over $10 million may be lost, and mass layoffs could result.

• Worker Perspective:

  • Joanne Momboy (garment worker, breadwinner):

    “It's gonna hit me hard, like starting to look for new job opportunities. In Kenya, it's hard to find a job, like, very hard.” (05:21)

• Government and Business Reactions:

  • Kenyan Trade Minister, Lee Kenyanjuwi, calls for the act’s short-term extension to ensure orderly transition and protect jobs and investments.

    “An ideal situation would be the extension of the AGOA maybe for one year or two years so that some of these transition mechanisms can be done across the continent.” (07:05)

  • Businesses and governments across Africa remain hopeful for preservation of the agreement.

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Notable Quotes & Moments (with timestamps)

• On the Bitcoin Fraud Case:
  • “A digital diary found by police outlines her plans to build a small kingdom between Croatia and Serbia.” – Stephanie Prentice (02:46)
• On Cyberattack Vulnerabilities:
  • “It does show this vulnerability that many companies are facing... and many questioning how they can mitigate these impacts and how they can prepare themselves.” – Katie Silver (04:00)
• Worker’s View on AGOA Expiry:
  • “It's gonna hit me hard... In Kenya, it's hard to find a job, like, very hard.” – Joanne Momboy (05:21)
• On Impact of AGOA’s Expiry:
  • “After all these years of investments, it may just come down to having to close down, because if we can't get enough work to sustain the people here, then we have no choice.” – Lee Kenyanjuwi/Isaac Malooki (06:25)

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Timestamps for Major Segments

• Bitcoin Fraud Story: 01:06–03:14
• Asahi Cyberattack: 03:14–04:11
• Markets and Corporate News: 04:11–04:56
• AGOA Expiry & Impact: 04:56–07:23

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Episode Tone & Style

The reporting maintains a brisk, factual, and global tone—delivering essential business news with direct quotes from affected individuals and expert correspondents, combining human impact stories with high-level economic analysis.

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For listeners seeking a succinct but comprehensive understanding of the latest global business headlines, this episode offers a rapid yet insightful overview of critical events shaping the global economy.

Transcript

[David Brancaccio]

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[William Lee Adams]

A Chinese woman is convicted in what's thought to be the world's biggest bitcoin seizure case. Live from the UK this is the Marketplace Morning Report from the BBC World Service, I'm William Lee Adams. Good morning. A Chinese national in London has pleaded guilty to illegally acquiring and possessing Bitcoin as part of a multi billion doll fraud. The case involved what's thought to be the single largest cryptocurrency seizure in the world, worth more than $6 billion. Jamie Chen fled China with 61,000 bitcoins after cheating more than 120,000 victims. She tried to launder the money through buying properties across London. She's now being held in custody ahead of sentencing. The BBC's Stephanie Prentice has more.

[Stephanie Prentice]

When police raided a house in a leafy London borough in 2018 while investigating a suspicious property purchase, they had no idea of the value of the belongings they seized, among them devices containing Bitcoin. It was being stored by Jimin Chen and her assistant, former Chinese takeaway worker Jian Wu, and is thought to be the proceeds of an investment fraud in China between 2014 and 2017, which tricked more than 120,000 people. It wasn't until 2021 that investigators realized they'd been storing billions of dol by which point Jamie Chen had gone missing, only being apprehended in the north of England three years later. Her lawyers say she fled China under duress, citing a government crackdown on crypto entrepreneurs and stressed that she intends to pay the money back. A digital diary found by police outlines her plans to build a small kingdom between Croatia and Serbia that she intended to rule with the Crown and Scepter featuring infrastructure including an airport and a Buddhist temple. As the trial unfolds, China's government and UK authorities are battling in a separate case over ownership of the Bitcoin fortune.

[William Lee Adams]

Stephanie Prentice there. Over to Japan now. Brewing giant Asahi has suspended orders and shipping operations after its 30 domestic plants were hit by a massive cyber attack. In a statement, the company said it did not know when they would be able to resume production at its paralyzed facilities. The BBC's catered silver has more.

[Katie Silver]

Well, so far it seems like customers details weren't impacted and that its operations in Europe and the UK were unaffected. So Acai is the biggest brewer in Japan, but of course also owns global beer brands including Peroni Grolsch. Asahi says that they're actively investigating the cause and working to restore operations, but no estimated timeline for recovery. But it does show this vulnerability that many companies are facing. We've heard, for example, the likes of Marks and Spencer, Jaguar, Land Rover, Harrods, all in the last few months facing cyber attacks and many questioning how they can mitigate these impacts and how they can prepare themselves.

[William Lee Adams]

Katie Silver, let's do the numbers. The stocks Europe 600 index gained nearly 1% over September. That's the best performance for European stocks since 2019. And Novo Nordisk has asked some workers to accept demotions if they want to keep their jobs. The Ozempic maker is cutting 11% of its workforce. A trade deal that's been the cornerstone of US Africa economic relations for 25 years is set to expire later today. The African Growth and Opportunity act, or AGOA for short, has allowed dozens of Sub Saharan countries to export products to the US Duty free. But as a Kisawandara reports from Kenya, hundreds of thousands of jobs now hang in the balance.

[Isaac Malooki]

In Nairobi, the hum of sewing machines fills the air. At Shona, a garment factory in the Export Processing Zone, 29 year old Joanne Momboy, an operator at this factory, moves her hands and feet in rhythm on the sewing machine, stitching together pieces of fabric. A single mother, she supports her four year old daughter, two sisters in college and her mother.

[Joanne Momboy]

I'm a breadwinner in my family. It's gonna hit me hard, like starting to look for new job opportunities. This Kenya is hard to find a job like, very hard.

[Isaac Malooki]

On this factory floor, hundreds of workers are stitching clothes meant for the American market. For them, AGOA is not just an agreement, it means steady jobs. But with the act expiring today, they are worried for their livelihoods and what it would mean for their families. Joanne understands the expiry won't just affect her it could disrupt the livelihoods of hundreds of her colleagues. In 2024, Kenya exported $470 million worth of apparel to the US supporting more than 66,000 direct jobs, three quarters of them women. Isaac Malooki, director at Shona EPZ, says his factory has the capacity to produce nearly half a million garments each month. But this year output has fallen to almost a third of that following the announcement of Agoa's impending expiry.

[Lee Kenyanjuwi]

After all these years of investments, it may just come down to having to close down, because if we can't get enough work to sustain the people here, then we have no choice.

[Isaac Malooki]

The stakes are high. Isaac Malooki explains just how much has been invested over the years.

[Lee Kenyanjuwi]

If the extension doesn't happen, we are looking at for our facility north of $10 million of investment going down the drain.

[Isaac Malooki]

African leaders have been lobbying Washington for AGOA's extension, pressing their case at the United Nations General Assembly. Kenya's trade Minister, Lee Kenyanjuwi, says the government is seeking an extension while exploring new markets.

[Lee Kenyanjuwi]

An ideal situation would be the extension of the AGOA maybe for one year or two years so that some of these transition mechanisms can be done across the continent.

[Isaac Malooki]

Governments, businesses and workers remain hopeful that what has been built for the past 25 years through this agreement and can be preserved.

[William Lee Adams]

Akisa Wanderer, reporting there from Nairobi. Do subscribe to our podcast search for the global edition of Marketplace Morning Report on Apple, Spotify or wherever you get yours in the uk. I'm William Lee Adams with the Marketplace Morning Report from the BBC World Service.

[David Brancaccio]

Hey, it's David Brancaccio. Marketplace's fall fundraiser ends on Friday, and we're making good progress toward our goal. And to hear from 2,000 marketplace investors. This is a different kind of goal, one that centers on your participation, whether it's your first ever donation, if you're chipping in again, or if you're starting or increasing a monthly gift. I'm telling you, it all matters more than ever now. So stand up and be counted as a Marketplace investor. And if you can't do it by Friday, go to marketplace.org donate.