On September 29, 2025, the Southwark Crown Court in London will witness the largest cryptocurrency money laundering case in British judicial history—the Qian Zhimin Bitcoin money laundering case. The defendant, Qian Zhimin (also known as Yadi Zhang, Huahua), is accused of illegally raising up to 43 billion yuan through a Ponzi scheme from 2014 to 2017, affecting approximately 130,000 victims. Subsequently, she converted the proceeds into 61,000 bitcoins and fled to London, attempting to evade investigation by leveraging the cross-border characteristics of cryptocurrency. This case not only reveals the risks of cryptocurrency being abused in criminal activities but also highlights the significant challenges faced by cross-border judicial cooperation in the digital asset era.
- How did the Ponzi scheme transform into a flood of on-chain funds?
Qian Zhimin's criminal methods are a typical combination of a Ponzi scheme and cryptocurrency money laundering.
Illegal fundraising: From 2014 to 2017, Qian Zhimin, under the name of "Tianjin Lantian Ge Rui Electronic Technology Co., Ltd.," sold high-yield "investment and financial management" products to about 130,000 Chinese investors, claiming guaranteed profits. Over three years, she illegally raised a total of 43 billion yuan using the "paying back old investors with new investors' money" method.
Cryptocurrency money laundering: After China imposed a cryptocurrency ban in 2017, Qian Zhimin immediately converted her illegal proceeds into bitcoins and fled to London, utilizing the cross-border liquidity of cryptocurrency. Between 2018 and 2021, British police seized 61,000 bitcoins from her accomplices, valued at approximately $6.7 billion at the time. Qian Zhimin herself was arrested in April 2024.
This case clearly demonstrates how criminals exploit the characteristics of cryptocurrency to transfer vast amounts of illegal funds from the traditional financial system to on-chain, attempting to evade legal accountability through cross-border operations.
- The long tunnel of cross-border recovery for victims
Although the main perpetrator, Qian Zhimin, has been apprehended and the substantial bitcoins have been seized, recovering losses remains far more challenging for the 130,000 Chinese investors than anticipated.
High threshold for rights protection: According to Caixin reports, under the UK's civil recovery procedures for criminal proceeds, these Chinese investors must pursue their rights independently. Investors need to submit proof of their investments and clarify the specific cash flow of Qian Zhimin on the blockchain, a process that is quite complicated.
Limited judicial assistance: Judicial assistance between China and the UK often relies on treaties, resulting in limited speed of information exchange. This means that the efficiency of cooperation between the judicial authorities of the two countries may be restricted during the cross-border recovery process.
Dual thresholds of law and technology: Cryptocurrency itself is a sensitive area, and its legal attributes and technical complexities create dual barriers for victims seeking compensation, making the process even more difficult.
This case highlights the significant challenges that cross-border crime poses for victims seeking recovery in the digital asset era and raises higher demands for international judicial cooperation.
- Trial and charges: The largest cryptocurrency money laundering case in British judicial history
Qian Zhimin is charged with two counts of money laundering. The UK’s Crown Prosecution Service accuses her of holding and transferring illegal cryptocurrency on or before April 23, 2024. A man named Seng Hok Ling has also been charged alongside her, pleading not guilty to a charge of participating in money laundering arrangements while knowing or suspecting the property was criminal.
The trial is set to commence on September 29, 2025, at Southwark Crown Court. Qian Zhimin's lawyer stated after the hearing, "Ms. Zhang denies all criminal charges and plans to actively defend herself."
The outcome of this case will not only have a decisive impact on the fate of Qian Zhimin and her accomplices but will also provide important judicial precedents and experiences for the UK and the world in handling cryptocurrency money laundering cases.
Conclusion:
The opening of the trial for Qian Zhimin's 61,000 bitcoin money laundering case once again sounds the alarm on cryptocurrency crime. This case not only reveals the significant dangers of combining Ponzi schemes with cryptocurrency but also highlights the complexity of cross-border crime and the challenges of recovery in the digital asset era. For investors, it is crucial to remain vigilant against any "guaranteed profit" high-yield temptations and to steer clear of illegal fundraising and virtual currency speculation. For regulatory agencies and judicial authorities, this case also provides valuable lessons, prompting countries to strengthen cross-border judicial cooperation, improve digital asset regulatory frameworks, and jointly combat various criminal activities utilizing cryptocurrency, thereby maintaining the stability of the global financial order.
Related reading: The Hong Kong Securities and Futures Commission has "laid it all out," and Financial Secretary Paul Chan reveals the next important action.
Original article: “Qian Zhimin's 61,000 BTC Money Laundering Case Opens in London on September 29, Chinese Victims Watch Closely”
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