FollowupBlue Sky Grids Mastermind Qian Zhimin Denies UK Bitcoin Money Laundering Accusations Chinese Victims Have Filed Civil Claims for Compensation

CoinWorld reported:
The largest Bitcoin money laundering case in the UK involving a large number of Chinese investors has made new progress.
The defendant Qian Zhimin (formerly known as Zhang Yadi, Huahua) pleaded not guilty to all money laundering charges when he appeared in the Southwark Criminal Court in London on October 21, 2024. The trial of the case is scheduled to begin on September 29, 2025, in the Southwark Criminal Court.
Qian Zhimin has been charged by the UK Criminal Prosecution Service with two counts of illegally holding cryptocurrency. Her lawyer stated, “Qian Zhimin denies all criminal charges and intends to actively defend this case.” Also appearing in court that day was another co-defendant named “Senghok Ling,” who also pleaded not guilty to a charge of participating in money laundering while knowing it was criminal property.


The reason why the trial of this case has attracted much attention is that Qian Zhimin was the mastermind behind the illegal fundraising case of Tianjin Blue Sky Greer seven years ago. She and her criminal gang were accused of converting these funds into Bitcoin assets and fleeing to the UK to spend them. The 128,000 Chinese investors involved have been actively seeking compensation, but they have always faced multiple difficulties such as cross-border debt collection, virtual currency ownership, and value conversion.
An investor revealed to Interface News that representatives were also sent on the day of the trial and entrusted a cross-border asset dispute lawyer team to attend the trial. The appointed lawyers have submitted a civil compensation application to the High Court of England on behalf of the creditors.
In this regard, the Royal Prosecution Service of the UK issued a notice to Chinese victims on October 22, informing them that the agency had initiated civil compensation proceedings for the assets frozen by Qian Zhimin and others earlier this year. After this procedure reaches the progress stipulated in Article 281 of the Proceeds of Crime Act 2002, contact between nations will be made.
The Royal Prosecution Service filed a civil compensation procedure with the High Court earlier this year. If no other individuals or entities claim rights to the criminal assets, half of the assets will belong to the British police and the other half will be transferred to the UK Home Office. The purpose is to facilitate the handling of criminal proceeds and prevent further crimes.
According to previous reports by Interface News, in 2017, seven Chinese ministries jointly banned various types of token issuance and financing activities. At that time, a total of 8,600 cases of illegal fundraising were investigated and prosecuted nationwide, and 50 cases involving an amount of over 100 million yuan were filed. Among them, Tianjin Blue Sky Greer illegally absorbed public deposits of 43 billion yuan.
After the case occurred, Qian Zhimin escaped abroad with a forged passport from the Commonwealth countries, carrying a notebook computer with an encrypted wallet that contained Bitcoin transferred in advance through subordinate Huobi accounts.
After arriving in the UK, she recruited a Chinese woman named Jian Wen in London to assist her in investigating properties, cars, jewelry, and other large-scale consumption in various European countries such as Switzerland, Italy, and Greece with the illegal proceeds.
At the same time, the UK Financial Conduct Authority began cracking down on criminal activities involving money laundering through cryptocurrency. In 2018, Qian Zhimin and Jian Wen attempted to directly purchase a mansion worth 23.5 million pounds with Bitcoin, which ultimately attracted police attention due to the unknown source of funds.
Subsequently, Jian Wen was arrested by the police, but Qian Zhimin fled in advance. It is reported that the latter planned to invest in an unrecognized Eastern European micro “state” called Liberland while evading pursuit, intending to be elected as a “leader” there and build the largest Buddhist temple and airport in Europe to obtain diplomatic immunity. Liberland claims to create a tax haven in Europe through cryptocurrency investments.
During the COVID-19 pandemic, the London police repeatedly searched the two individuals and their residences and finally froze 61,000 Bitcoins, the largest amount ever in the country, based on the Proceeds of Crime Act 2002. These assets will remain frozen until the end of the aforementioned civil compensation proceedings or until the High Court issues further orders.
Based on the latest price of $67,047 per Bitcoin on October 22, the total value of the frozen Bitcoins is currently $4.09 billion (approximately 29.1 billion yuan).
The Proceeds of Crime Act 2002 in the UK stipulates the criminal confiscation system for criminal proceeds and the civil recovery of illegal gains. On March 18, 2024, the jury of the Southwark Criminal Court found Jian Wen guilty of money laundering, and she was subsequently sentenced to 6 years and 8 months in prison. The confiscation procedure for her assets has been postponed until January 2025.
Qian Zhimin surrendered to the UK in April this year and appeared in Westminster Magistrates’ Court on May 22 as Zhang Yadi. There is currently no further public information about her identity and the details of the case.
(Reporter Lü Yaxuan also contributed to this article)