On October 30, 2025, the Tianjin police released a situation report on the "Tianjin Blue Sky Ge Rui Electronic Technology Co., Ltd. Suspected Illegal Public Deposit Case," pointing out that the public security authorities are still continuing cross-border pursuit and asset recovery cooperation with British law enforcement agencies, making every effort to recover the losses of the fundraising participants. The main culprit, Qian Zhimin, is suspected of illegally absorbing public deposits amounting to 40.2 billion yuan and fleeing to the UK with 61,000 bitcoins (equivalent to nearly 50 billion yuan), becoming a focus of attention in China and even globally. A month ago, Qian Zhimin pleaded guilty in a London court, admitting to the crime of illegally obtaining and holding cryptocurrency, marking a significant breakthrough in this major illegal fundraising case involving 128,000 Chinese victims under international judicial cooperation.

1. 50 Billion Bitcoin Escape: Qian Zhimin's Ponzi Scheme and Cross-Border Money Laundering

Qian Zhimin, a mysterious woman once referred to as "Hua Hua" by Blue Sky Ge Rui "investors," has a criminal path filled with fraud and cunning.

The Temptation of "Three Generations of Wealth": From 2014 to 2017, Qian Zhimin, under the name of "Tianjin Blue Sky Ge Rui Electronic Technology Co., Ltd.," launched ten financial products, illegally absorbing public deposits with a bait of 1 to 3 times investment returns. Her slogan, "Give Ge Rui three years, and Ge Rui will give you three generations of wealth," was highly provocative.

The Mysterious Operator: Qian Zhimin appeared at promotional events veiled in a powdery white veil, sitting in a wheelchair, deliberately maintaining a mysterious image and unwilling to show herself openly. Investors knew very little about her, only that she was called "Hua Hua."

Massive Illegal Fundraising: Blue Sky Ge Rui illegally absorbed over 40.2 billion yuan, all controlled and allocated by Qian Zhimin, of which over 34.1 billion yuan was used to return funds to more than 120,000 fundraising participants.

Bitcoin Money Laundering and Escape: In July 2017, after Chinese police began investigating Blue Sky Ge Rui, Qian Zhimin fled China. She utilized the anonymity and cross-border characteristics of bitcoin to transfer the illegally obtained 61,000 bitcoins (equivalent to nearly 50 billion yuan) abroad, and in September 2017, she arrived in the UK using a passport under the name Yadi Zhang.

Accomplice Assistance: Qian Zhimin hired a Chinese woman named Wen Jian in the UK to assist with money laundering, including exchanging bitcoins and purchasing jewelry and luxury mansions. Wen Jian was arrested in May 2021 and was tried in 2023, later convicted of money laundering.

2. Seven Years of Pursuit and Asset Recovery: A Major Breakthrough in Sino-British Judicial Cooperation

The capture and confession of Qian Zhimin is a significant achievement of the long-term cross-border pursuit and asset recovery cooperation between law enforcement agencies in China and the UK.

The Largest Cryptocurrency Money Laundering Case in the UK: In March 2024, British media reported on this bitcoin money laundering case involving Qian Zhimin. This is the largest cryptocurrency money laundering case investigated in the UK.

Qian Zhimin Pleads Guilty in Court: A month ago, Qian Zhimin pleaded guilty in a London court, admitting to the crime of illegally obtaining and holding cryptocurrency. This significantly shortened the originally planned trial period of 12 to 14 weeks, and the case will enter the sentencing and judgment phase.

Victim Concerns: One victim told China News Weekly: "We are paying attention to the news of the trial in the UK, and the Chinese police have been actively pursuing the recovery of funds, which is all hope."

3. Qian Zhimin: From Pyramid Scheme Operator to Main Culprit of Illegal Fundraising

Before the collapse of Blue Sky Ge Rui, very few "investors" knew the details about Qian Zhimin.

Early Pyramid Scheme Experience: In 2013, she was involved in a pyramid scheme case in Hefei, Anhui, where she used the alias "Li Xia." The case involved many people and a huge amount of funds. After the incident, some were arrested and sentenced, while the operator Qian Zhimin remained at large. This explains why she maintained a deliberately mysterious image during her later operation of Blue Sky Ge Rui.

Carefully Designed Trap: The Blue Sky Ge Rui scam was a carefully designed trap that attracted investors through false bitcoin mining sites, life bracelets, and other high-tech products. Many "investors" were deceived by the manufactured illusions after on-site inspections and made large investments.

4. Investigation and Judgment of the Blue Sky Ge Rui Case: Multiple Sentences, Main Culprit Fled

Due to the discovery of Blue Sky Ge Rui's suspected illegal public deposit activities, the public security authorities initiated an investigation on April 21, 2017.

Multiple Sentences: In June 2019, the Hedong Branch of the Tianjin Public Security Bureau reported that a total of 50 suspects, including the legal representative Ren Jiangtao, were arrested in connection with Blue Sky Ge Rui, of which 28 had been transferred for prosecution. In February 2021, the Tianjin Hedong District People's Court publicly tried the case against Ren Jiangtao, along with his assistant Huang Yafang. The court found that Ren was involved in illegally absorbing over 40.2 billion yuan in public deposits; Huang was involved in illegally absorbing over 17.6 billion yuan. In September 2021, the court sentenced Ren to 10 years in prison and fined him 500,000 yuan, while Huang was sentenced to 5 years in prison and fined 250,000 yuan.

Wu Xiaolong Captured: Wu Xiaolong, the general manager of Blue Sky Ge Rui, fled during the investigation by the public security authorities but was later captured. In November 2021, the Tianjin Hedong District People's Court sentenced Wu Xiaolong to eight years and six months in prison for the crime of illegally absorbing public deposits and fined him 500,000 yuan.

Corruption Case: In August 2016, Wu Xiaolong was briefly arrested for suspected illegal fundraising during a promotional event for Blue Sky Ge Rui in Linghai City, Liaoning. At the behest of Qian Zhimin, a person named Fan from Blue Sky Ge Rui sought help from Huo Jian, then deputy secretary and deputy manager of the Linghai City Water Company. Huo Jian then asked Zhang Lie, then deputy captain of the Economic Investigation Team of the Linghai City Public Security Bureau, for assistance, and Wu Xiaolong was released on bail. During this process, Huo Jian received 6.7 million yuan in bribes from Blue Sky Ge Rui, and Zhang Lie received 8.3 million yuan. Both Huo Jian and Zhang Lie were sentenced in 2023.

5. Where Will the 61,000 Bitcoins Go?

Qian Zhimin's confession has shifted the focus of Chinese investors in the Blue Sky Ge Rui case to a new concern—what will happen to the 61,000 bitcoins involved in the case?

Evidence of Fund Flow: According to a special audit, from August 2014 to July 2017, Blue Sky Ge Rui absorbed over 40.2 billion yuan, all controlled and allocated by Qian Zhimin. Among this, over 1.14 billion yuan was used to purchase bitcoins. In June 2014, Qian Zhimin opened a digital currency trading account in the name of Ren Jiangtao, using over 1.1 billion yuan of illicit funds to purchase bitcoins.

Hope for Recovery: Lawyer Liu Yang believes, "Currently, we should maximize the fixation of evidence regarding the flow of funds to prove the connection between the 61,000 bitcoins seized in the UK and the Blue Sky Ge Rui case," which may help recover these bitcoins.

Conclusion:

The resolution of Qian Zhimin's 61,000 bitcoin money laundering case and her confession represent a significant victory for law enforcement agencies in both China and the UK in combating cross-border cryptocurrency crime. This case not only reveals the enormous dangers of combining Ponzi schemes with cryptocurrency but also highlights the breakthroughs and challenges of cross-border judicial cooperation in pursuit and asset recovery in the digital asset era. For Chinese investors in the Blue Sky Ge Rui case, Qian Zhimin's confession brings hope for recovering their losses.

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Original Article: “47-Year-Old Woman Flees with 50 Billion Bitcoin, Tianjin Police Report on Cross-Border Pursuit and Asset Recovery”

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