This article is reprinted with permission from Mankun Blockchain Legal Services, authors: Shi Wei, Gan Zihan, Li Shuhui, copyright belongs to the original authors.
On September 29, 2025, the largest Bitcoin money laundering case in global history will be heard again. Zhang Yadi (real name Qian Zhimin, also known as Huahua) is represented by lawyer Roger Sahota from BSQ Law Firm. The law firm's official website states that Zhang Yadi "denies all allegations of money laundering" and claims that the Bitcoin seized by authorities is not "proceeds of crime." In other words, the defendant is taking a complete not guilty defense stance.
On September 29, 2025, the largest Bitcoin money laundering case in global history will be heard again, nearly a year after the first hearing last year. On October 21, 2024, at the Southwark Crown Court in London, the core figure of the case, Zhang Yadi (real name Qian Zhimin, also known as Huahua), denied all illegal charges brought by the UK prosecution regarding his use of Bitcoin for money laundering. In this hearing, Huahua's lawyer, Roger Sahota from BSQ Law Firm, will continue to take a not guilty defense stance, "denying all allegations of money laundering" and asserting that the Bitcoin seized by authorities is not "proceeds of crime."
In July 2024, the UK High Court officially accepted a winding-up petition against Blue Sky Grey Electronic Technology Co., Ltd. (Winding-Up Petition, case number CR-2024-004069). Meanwhile, the Crown Prosecution Service (CPS) has initiated criminal charges against relevant personnel for suspected money laundering and fraud, leading the criminal prosecution process.
More critically, the Bitcoin assets involved in the case have been fully frozen. The Economic Crime and Corporate Transparency Act passed in the UK in 2023 amended the Proceeds of Crime Act 2002 (POCA) to clarify the recovery mechanism for crypto assets (POCA 303Z50–303Z51). This directly changes the direction of the case:
Law enforcement agencies (CPS, National Crime Agency NCA, Serious Fraud Office SFO) have the authority to independently initiate civil recovery proceedings in the High Court to recover virtual assets that are proceeds of crime.
The court no longer struggles with whether "Bitcoin constitutes property," as it has been confirmed at the legislative level as a recoverable target.
However, the situation regarding the appreciation of Bitcoin is much more complex:
If the UK court chooses to apply common law, it will need to rely on the principle of "equitable tracing" to correspond the victim's initial investment with the currently frozen assets (and their appreciation). To achieve this, a complete tracing report must be provided.
If evidence is insufficient, the court may not accept "equitable tracing," and the recoverable range will revert to the framework of the Proceeds of Crime Act (POCA), limited to the principal amount.
In other words, the case has entered a phase where criminal prosecution and asset recovery are proceeding in parallel, but whether the appreciation can be recovered depends on whether sufficient evidence of fund flows can be disclosed in the criminal hearing on September 29.
To maximize the possibility of asset recovery, Mankun Law Firm has established cooperation with a well-known commercial litigation firm in the UK.
This firm has represented multiple significant cross-border financial fraud and asset recovery cases in the UK High Court, Court of Appeal, and major international arbitration institutions, earning recognition as a leading firm in "The Legal 500" and "Chambers," and winning the "Boutique Litigation Firm of the Year" award from "The Lawyer" in 2025.
This means: victims do not have to fight alone; we can achieve seamless integration between domestic teams and top UK law firms, directly opening up cross-border judicial rights protection channels.
Our approach: starting with a Test Case
Many victims may worry: this case is so big, will I have to spend a lot of money? With hundreds or thousands of people filing together, will it become chaotic?
Our answer is: not everyone needs to "charge into battle" together; we will start with a test case. In the UK judicial system, a test case is one of the most commonly used methods to handle collective victims. We plan to adopt this model:
Representative selection: Start by selecting one or a few victims with a complete chain of evidence, significant amounts, and clear transaction paths as plaintiffs, avoiding confusion caused by collective filings.
Low-cost trial run: Use a lower investment to run through the court process first, confirming which laws apply and how to enter the distribution process, allowing for quick testing of legal paths with limited resources.
Creating a precedent effect: Once the test case is recognized by the court, the judgment will become a model case, and subsequent large-scale filings can directly apply it, significantly reducing costs and uncertainties.
Q1: Does freezing mean the coins are safe forever?
A: No. Freezing is just a temporary measure; future ownership will depend on the court's judgment and filing situation. If there are no victim filings, the court may determine that the assets belong to the state, and in the future, the UK treasury could become a "one-click cleaning master," turning frozen assets directly into "national revenue."
Q2: I don't have a complete transaction record; can I still file?
A: Yes. Screenshots of transfers, exchange transaction records, chat logs, bank transfer records, etc., can all serve as evidence. We can assist in supplementing and verifying any missing parts.
Q3: I am in China; can I participate in the UK filing?
A: Absolutely. We will assist in preparing materials, and the UK partner law firm will directly connect with the CPS and the court. Victims do not need to go to the UK in person.
Q4: Does filing guarantee I will get my money back?
A: We cannot guarantee a 100% recovery, but participating in the filing ensures you have a place in the judicial process.
Q5: If my investment amount is not large, is it worth filing?
A: Yes, it is worth it. Under the POCA mechanism in the UK, small-scale victims can also obtain recovery opportunities through collective action.
In summary, the translation of the entire text:
The coins are still there; they won't run away;
Whether you can grab them depends on how quickly you act;
We have already set up the channel in the UK, waiting for you to get on board!
In conclusion, the judicial process is advancing, and victims need to submit transaction vouchers, transfer records, and other materials as soon as possible, or they may miss future recovery opportunities.
Related: Senator Cynthia Lummis: The Market Structure Bill Can Address Cryptocurrency ATM Fraud Issues
Original text: “The World’s Largest Bitcoin (BTC) Money Laundering Case Reopens: Victims of Blue Sky Grey Enter Key Stage for Recovery”
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