Newscasts - Crypto Weekly: Ponzi scheme mastermind jailed, Kyrgyzstan's stablecoin

Circle Internet

13/11/2025 15:30

Click the following link to watch video: https://share.newscasts.refinitiv.com/link?entryId=1_53u6w6nc&referenceId=tag:reuters.com,2025:newsml_RW168913112025RP1_930&pageId=Newscasts
Source: 'Reuters - Business videos'

Description: The mastermind of a vast Ponzi scheme in China was jailed in Britain for over 11 years, while Kyrgyzstan launched over $50 million worth of its national stablecoin. Ciara Lee rounds up the big crypto stories of the week.

Short Link: https://lseg.group/3XsXwNI

Video Transcript:

From a Ponzi scheme to Kyrgyzstan芒聙聶s stablecoin, this is Crypto Weekly. The mastermind of a vast Ponzi scheme in China was jailed in Britain for more than 11 years. This footage reveals the moment Qian Zhimin was arrested in England last year. She conned nearly 130,000 investors and laundered the proceeds of the fraud into cryptocurrency, now worth billions of dollars. Will Lyne is from the Metropolitan Police.

As part of this investigation, we seized over 61,000 Bitcoin, now worth approximately GBP5 billion, alongside other non-crypto assets valued at more than GBP20 million. This currently represents the largest confirmed cryptocurrency seizure anywhere in the world and the biggest money laundering investigation in UK investigative history by value.

Circle's third quarter profit beat Wall Street expectations. It was driven by higher reserve income amid rising circulation of its flagship stablecoin, but shares fell on concerns over potential competition and valuation. Circulation of USDC, a type of stablecoin, more than doubled from a year earlier to $73.7 billion in the quarter. Circle is the issuer of USDC. Openbank, Santander芒聙聶s digital lender, launched a cryptocurrency trading service in Spain following rival BBVA. Banks are seeing growing demand from customers for crypto products after Bitcoin hit record highs last month. In June, BBVA advised wealthy clients to invest up to 7% of their portfolio in cryptocurrencies. Kyrgyzstan has launched over $50 million worth of its national stablecoin backed by gold and pegged to the US Dollar. That芒聙聶s according to the country芒聙聶s financial regulator. Separately, the government ordered a nationwide shutdown of crypto mining amid a worsening electricity shortage. Kyrgyzstan, a mountainous former Soviet republic, has tried to position itself as a cryptocurrency leader in Central Asia, even as Western countries have sanctioned Kyrgyz crypto companies they say are aimed at facilitating sanctions evasion by close ally Russia.