The case of Qian Zhimin, the main figure in the 60,000 Bitcoin case, has taken a dramatic and unexpected turn as he appeared in court and pleaded guilty.

Source: Roy, Yuan Spaceship

In the Southwark Crown Court in London, 47-year-old Qian Zhimin admitted to one count of "possessing criminal property" and one count of "transferring criminal property." The principal perpetrator of the Tianjin Blue Sky Ge Rui illegal fundraising case finally bowed to reality and pleaded guilty after years of denial.

The case involves 61,000 Bitcoins, valued at approximately 48 billion RMB based on recent market prices, which is comparable to the 43 billion RMB involved in illegal fundraising cases in China.

Qian Zhimin is the actual controller of Tianjin Blue Sky Ge Rui Electronic Technology Co., Ltd. Between 2014 and 2017, the company illegally raised over 43 billion RMB from the public by luring investors with high returns, affecting nearly 130,000 investors.

In the summer of 2017, Qian Zhimin converted the illegal proceeds into Bitcoin and carried them out of the country. She used a fake passport to escape to the UK, beginning her life on the run.

After arriving in the UK, Qian Zhimin hired a Chinese woman, Wen Jian, as her assistant. The two engaged in extravagant spending in London, attempting to convert Bitcoin into tangible assets such as real estate and jewelry.

In 2018, when they tried to purchase a £23.5 million mansion in London with Bitcoin, the unclear source of funds triggered the UK's anti-money laundering review, drawing police attention.

The UK police subsequently seized key evidence during a raid in 2018. In May 2021, the police successfully froze 61,000 Bitcoins from Qian Zhimin's devices.

The trial is expected to last 12 weeks and will conclude before Christmas. Unlike previous cases, under the framework of judicial cooperation between China and the UK, Chinese police officers will personally testify in London, while several Chinese victims will testify via remote video in a court in Tianjin.

Left image: Recent photo of Qian Zhimin. Right image: Southwark Crown Court in London.

This cooperative model is rare in international judicial assistance, highlighting the high importance both sides place on this case. On July 17, 2025, the China Law Society and the China-Britain Business Council jointly held the fourth "China-UK Rule of Law Roundtable" in London, laying the groundwork for this court hearing.

This case showcases the innovation in cryptocurrency regulation and judicial cooperation between China and the UK. The UK's Economic Crime and Corporate Transparency Act, passed in 2023, amended the Proceeds of Crime Act 2002, clarifying the confiscation mechanism for crypto assets.

This means that UK courts are no longer entangled in whether "Bitcoin constitutes property," as legislation has confirmed it as a recoverable asset.

Although Qian Zhimin has pleaded guilty in court, this does not directly determine the final ownership of the 61,000 Bitcoins involved. The civil recovery process will continue in the UK High Court.

According to the Financial Times, the UK Crown Prosecution Service has initiated civil recovery proceedings in the High Court. According to regulations, if no one else claims rights to the criminal assets, half will belong to the UK police, and the other half will go to the UK Home Office.

Currently, several Chinese law firms have been commissioned to represent Chinese investors in civil recovery claims in the UK High Court. This includes firms such as Jiren Law Firm, Duan and Duan Law Firm, and Yingke Law Firm, collectively representing over a thousand clients.

Professor Huang Feng from the G20 Anti-Corruption Research Center at Beijing Normal University stated, "Before the UK court hears the civil recovery application, property victims should quickly find lawyers with qualifications and capabilities for cross-border cases to file civil lawsuits in the UK."

For nearly 130,000 domestic victims, Qian Zhimin's guilty plea is an important step toward recovering their losses. In December 2022, the Blue Sky Ge Rui case initiated a refund process.

Some investors revealed to the media that the refund team returned 8% of the defrauded funds in May 2023, and another 5% in October of the same year. As of April 2024, the police had recovered 2.8 billion RMB, accounting for only 6.5% of the total fundraising amount.

The 61,000 Bitcoins seized by the UK police have brought new hope to investors. Based on the current Bitcoin price, these assets are valued at approximately 48 billion RMB, nearly equivalent to the amount involved in domestic illegal fundraising cases.

Some investors have already taken action. At the end of April 2024, 2,500 Blue Sky Ge Rui investors submitted a joint letter to the Chinese Ministry of Public Security, hoping that the Chinese side would negotiate with the UK government to recover "the Bitcoins purchased with their money."

In July 2024, other Chinese victim investors initiated civil judicial proceedings in the UK, applying for the overseas liquidation of Blue Sky Ge Rui.

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