In the clamor of the cryptocurrency world, an unprecedented financial crime case is reaching a critical juncture. On November 11, 2025, Chinese citizen Zhimin Qian, accused of orchestrating an investment fraud scheme amounting to 40 billion yuan (5.6 billion USD) and laundering money to purchase 61,000 bitcoins, was sentenced to 11 years and 8 months in prison by a London court. This case, involving bitcoins valued at approximately 6.4 billion USD, is not only the largest seizure of crypto assets in British history but also resonates with 128,000 Chinese victims. Today, on November 17 local time, the UK High Court will hold a hearing regarding the disposal of the frozen assets related to Zhimin Qian's case. The fate of the 60,000 bitcoins, which were purchased at an average price of only 2,815 yuan each and have now skyrocketed 266 times, has become a major focus in the global field of cross-border asset recovery.

1. The Evil Behind Huge Wealth: Zhimin Qian's Ponzi Scheme and Cross-Border Bitcoin Money Laundering

Zhimin Qian has been described by prosecutors as a "super villain," with the scale of her scheme and the number of victims being shocking.

High-Value Fraud Case: From 2014 to 2017, Zhimin Qian, under the guise of Tianjin Lantian Ge Rui Electronic Technology Co., Ltd., launched ten "financial products" such as "Lantian No. 1," "Lantian No. 2," and "You Li You Bi," claiming "zero risk, high return." By holding promotional meetings and using a "pyramid scheme" to recruit participants, she lured the public into investing with high-interest promises, accumulating over 40 billion yuan in illegal fundraising over about four years, affecting nearly 130,000 people.

The Mysterious Operator: Zhimin Qian appeared at promotional events veiled in a pale pink scarf, sitting in a wheelchair and being held aloft by others, 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: Lantian Ge Rui illegally raised over 40.2 billion yuan, all controlled and managed by Zhimin Qian, of which over 34.1 billion yuan was used to repay more than 120,000 fundraising participants.

Bitcoin Money Laundering and Escape: Of these funds, 34 billion yuan was used to pay off early product returns, while hundreds of millions were siphoned off by Zhimin Qian and her accomplices, with a large portion used to purchase cryptocurrencies. According to the UK court, in June 2014, Zhimin Qian instructed her "front person" to open an account on the cryptocurrency trading platform Huobi using investor funds, purchasing 100,250 bitcoins for 180 million yuan; subsequently, the account's bitcoin holdings increased to 143,951. Between January and June 2017, she further purchased 51,000 bitcoins through over-the-counter (OTC) trading with 468 million yuan of investor funds. In total, Zhimin Qian bought 194,951 bitcoins at an average price of only 2,815 yuan each. She escaped to the UK in September 2017 using a fake passport.

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

2. International Manhunt and Capture: The Collapse of a Lavish Lifestyle and the "Liberland" Dream

Zhimin Qian fled on a motorcycle to the Myanmar border, evading arrest in China, and then traveled through Southeast Asia and Europe with a fake passport, eventually settling in the UK under the alias Zhang Yadi. She lived an extremely lavish lifestyle in the UK, even devising an absurd "nation-building" plan.

Luxury Living: Zhimin Qian rented expensive mansions in the UK, purchased jewelry and real estate, and squandered tens of thousands of pounds on luxury goods, attempting to launder the proceeds of her crimes through these actions.

The Monarch Dream of "Liberland": Prosecutors stated that she conspired to become a self-proclaimed monarch of a "Liberland" nation and planned to sell bitcoins to fund this ambition. Liberland is an uninhabited area located on the west bank of the Danube River, wedged between Croatia and Serbia.

Capture Process: The UK police intervened in a money laundering investigation after receiving a report from a London law firm about someone attempting to use suspicious bitcoins to purchase property. In February 2024, while monitoring a cryptocurrency wallet, police transferred 8.2 bitcoins into the wallet, leading to Zhimin Qian's arrest in a mansion in York. Police discovered multiple electronic devices and wallets scattered throughout the house, containing over 60 million pounds worth of crypto assets, approximately 48,000 pounds in cash, and jewelry.

Refusal to Cooperate: Prosecutors stated that Zhimin Qian refused to answer most of the police's questions after her arrest but expressed, "She felt she was about to die, and this was her last chance."

3. Judicial Trial and Verdict: The Warning Sign of an 11-Year and 8-Month Sentence

Zhimin Qian was sentenced at the Southwark Crown Court after admitting to charges of possessing and handling criminal proceeds in August.

Severe Sentencing: Judge Sally-Ann Hales pointed out during sentencing, "Zhimin Qian, you were the mastermind of this crime from start to finish… your motivation was purely greed."

Conviction: Zhimin Qian admitted to charges of possessing and handling criminal proceeds, involving the illegal acquisition and possession of cryptocurrencies.

Verdict Outcome: The London court sentenced Zhimin Qian to 11 years and 8 months in prison.

This ruling marks the most complex economic crime case investigated by the London Metropolitan Police and is the largest seizure of cryptocurrency by the UK police to date. Will Ryan, head of the Economic and Cyber Crime Unit of the London Metropolitan Police, emphasized, "Organized crime groups are using cryptocurrencies to transfer, hide, and invest the profits of serious crimes—but every cryptocurrency transaction leaves a trace."

4. Victim Compensation: The Huge Appreciation of 60,000 Bitcoins Becomes the Focus

Zhimin Qian's guilty plea and sentencing have set a new milestone in the global fight against cryptocurrency crime and the recovery of illegal proceeds. Particularly, the astonishing appreciation of these 60,000 bitcoins has made asset disposal a focal point.

Asset Value Surge: Zhimin Qian's average purchase price for bitcoins was 2,815 yuan each (exact statistical criteria unknown). On the day of her sentencing in the UK, the price of bitcoin had risen over 266 times to 750,000 yuan each. This means that the seized bitcoin assets have achieved an astonishing increase in value in just a few years, with the current value of the involved bitcoins estimated at around 6.4 billion USD.

Ongoing Efforts by Chinese Police: The Public Security Bureau of Hedong District, Tianjin, announced on October 30 that law enforcement agencies are still continuing cross-border cooperation with UK authorities to recover losses for fundraising participants.

Asset Disposal Hearing: Regarding the disposal of the frozen assets by UK judicial authorities, there has yet to be substantial progress towards returning or sharing with Chinese officials. On November 17 local time, the UK High Court will hold another hearing regarding the disposal of the 60,000 bitcoins. This hearing will determine the final ownership of this massively appreciated asset and how it will be returned to the victims.

The Long Road to Recovery: The cryptocurrency that Zhimin Qian brought to the UK has increased in value more than 20 times since her arrival. Its final destination will be determined by a civil case concerning "criminal proceeds," which will officially commence early next year. Two law firms representing the victims have stated that thousands of Chinese investors plan to file claims in this case. However, some lawyers have pointed out that this will not be easy, as it requires proving their claims—often, the funds did not go directly into Zhimin Qian's company but were funneled into local promoters' accounts and then passed up the chain. It remains unclear whether victims will only be able to recover their original investments or if they will receive amounts reflecting the subsequent appreciation of bitcoin.

Conclusion:

Zhimin Qian's 11-year and 8-month prison sentence by a London court is a significant victory in the global fight against cryptocurrency crime. This case not only reveals the enormous dangers of combining Ponzi schemes with cryptocurrencies but also highlights the breakthroughs and challenges of cross-border judicial cooperation in asset recovery in the digital asset era. For victims worldwide, Zhimin Qian's sentencing brings hope for recovery, but how to smoothly return the seized massive bitcoins to the victims remains a pressing challenge for the judiciary.

Related Reading: Hong Kong Monetary Authority's Ensemble Project Trial, Supporting Tokenized Deposits and Digital Asset Trading

Original Article: “Zhimin Qian Sentenced to 11 Years and 8 Months in London, Hearing Scheduled for Frozen Asset Disposal”

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