Qian Zhimin defrauded 130,000 Chinese investors of 43 billion RMB, with a court hearing in London on September 29.

The largest money laundering case involving cryptocurrency in British judicial history, namely the money laundering case of Qian Zhimin (also known as Yadi Zhang, Huahua) involving 60,000 Bitcoins, will officially start trial on September 29, 2025, at the Southwark Crown Court in London. The case involves 130,000 Chinese investors and illegal fundraising amounting to as much as 43 billion RMB, and reveals astonishing details about cross-border cryptocurrency transfers and Ponzi Schemes.

From Ponzi Scheme to On-Chain Money Laundering

According to Caixin reports, from 2014 to 2017, Qian Zhiming, under the name of "Tianjin Blue Sky Ge Rui Electronic Technology Co., Ltd.", sold high-yield "investment and wealth management" products, promising "guaranteed profits with no losses", attracting around 130,000 people to invest funds.

She operates in a typical "back to the old gold" Ponzi Scheme model, accumulating illegal fundraising of 43 billion yuan in three years.

After China issued a ban on crypto assets in 2017, Qian Zhimin quickly exchanged funds for 61,000 Bitcoins and fled to London, England. Between 2018 and 2021, British police seized this batch of Bitcoins from his accomplices, which had a market value of approximately $6.7 billion at the time.

The mastermind has been captured, the trial will begin

In April 2024, Qian Zhimin was arrested in the UK and charged with two counts of Money Laundering, accusing her of holding and transferring illegal crypto assets on or before April 23.

The man Seng Hok Ling, who was involved in the same case, was also charged, but he pleaded not guilty to the accusation of "participating in a money laundering scheme knowing or suspecting that it was criminal property."

Qian Zhimin's lawyer stated that she denies all charges and will actively defend herself in the trial.

The Difficult Path of Victims' Cross-Border Claims

Although the involved Bitcoin has been seized, recovering losses still faces numerous challenges for 130,000 Chinese investors:

Complex legal procedures: The civil recovery process for criminal proceeds in the UK requires victims to submit proof of investment themselves and trace the flow of funds on the blockchain.

Cross-border judicial assistance is limited: Judicial cooperation between China and the UK relies on treaties, and the speed of information exchange is limited.

Crypto Assets technical threshold: On-chain tracking requires professional skills, increasing the difficulty of rights protection.

The dual barriers of law and technology mean that victims' claims may be protracted and time-consuming.

Case Impact and Focus of Attention

The case not only set a new record for the scale of Money Laundering cases involving crypto assets in the UK, but also highlighted the risks of Crypto Assets in cross-border fund transfers and Money Laundering.

As the hearing approaches on September 29, the market and legal community will be closely watching:

1. How do UK courts handle large-scale on-chain asset evidence?

2. Can Chinese investors recover some losses through international judicial cooperation?

3. Will this case become a key example for future regulation of crypto assets and reforms in the anti-money laundering system?

Conclusion

The Qian Zhimin case combines Ponzi Scheme, cross-border Money Laundering, and Crypto Assets transfer, with the amount involved and the number of victims being rare. As the trial approaches, this judicial battle over "60,000 Bitcoins" may become an important milestone in the history of global Crypto Assets regulation.