The Fall of the "Bitcoin Queen": The Shocking Secret Behind 61,000 BTC
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The Fall of the "Bitcoin Queen": The Shocking Secret Behind 61,000 BTC
Hua Hua attracted 130,000 domestic investors with his sharp investment acumen and unique personal charm, accumulating over 40 billion yuan in investment.
Navigating Web3 tides with focused insightsBy Manqun
On September 29, 2025, the world's largest Bitcoin money laundering case in history will go to court again. This hearing comes nearly a year after the first trial in October 2024, when at Southwark Crown Court in London, Qian Zhimin (also known as "Huahua," real name Zhang Yadi) denied all illegal charges brought by British prosecutors, including allegations of Bitcoin-related money laundering. At this upcoming hearing, Huahua’s defense attorney Roger Sahota from BSQ law firm will continue to plead not guilty, “denying all allegations of money laundering,” and argue that the Bitcoins seized by authorities are not proceeds of crime.
Who is Zhang Yadi (real name Qian Zhimin, aka Huahua)? Why does she have so many Bitcoins?
Qian Zhimin was the actual controller of Blue Skies Greediness (Lantian Gerui). Founded in March 2014 with registered capital of 30 million yuan, the company operated under the guise of a tech enterprise, promoting various so-called “short-term investment and wealth management” products using enticing slogans such as “high returns,” “risk-free profits,” and “wealth for three lifetimes.” These products claimed annualized returns between 100% and 300%, far exceeding normal investment yields. For example, one product promised that an investment of 100,000 yuan would return nearly 400,000 yuan after 30 months. With its slogan “Give Greediness three years, and Greediness will give you three lifetimes of wealth,” Blue Skies Greediness attracted massive investments.
Between 2014 and 2017, Blue Skies Greediness illegally raised up to 40 billion yuan. In 2017, the company collapsed. Qian Zhimin converted her illicit gains into Bitcoin, transferred them overseas, and fled to the UK using a forged passport, causing significant losses for nearly 130,000 investors. In April 2017, the Hedong Branch of Tianjin Public Security Bureau launched an investigation into Blue Skies Greediness. By June 2019, authorities reported that 50 suspects had been arrested, including Ren Jiangtao, the legal representative of Blue Skies Greediness, with 28 transferred for prosecution. Law enforcement has continued asset recovery efforts, freezing, seizing, and impounding some of the involved funds, real estate, vehicles, and other assets. Recovery and compensation work remains ongoing.
The Victims’ Perspective on Qian Zhimin
["Yang Fei, now 64, still remembers his first meeting with Huahua in October 2015. 'To be honest, when I first saw her, I didn’t believe in her at all. She was about 1.5 meters tall, chubby, and seemed rather dull—not the sharp, capable type you’d expect to run a business. I thought, ‘Forget it, how could this person make money for ordinary people?’ I almost walked away. But once she started speaking, she captivated me,' said Yang Fei. Huahua spoke steadily and confidently, never stumbling. She introduced Blue Skies Greediness' Bitcoin business, describing Bitcoin as the 'gold' among digital currencies—immune to inflation and destined to keep rising in value, with a future where ‘one coin equals one villa.’ She also discussed global tech trends, saying Blue Skies Greediness planned to develop technological products and become a leader in the Fourth Industrial Revolution. She predicted inevitable trade wars, tech wars, and financial wars between China and the U.S., and claimed that as long as investors followed her to mine coins and invest in tech products, they could withstand America’s comprehensive assault. 'She talked nonstop for nearly two hours but never once pressured me to invest. I wasn’t annoyed—in fact, I listened intently.' That same day, Yang Fei invested over 200,000 yuan."
This striking contrast in persona left a powerful first impression on many investors. Ye Houdi, who had run a home furnishings and building materials business for decades, invested in Blue Skies Greediness in late 2014. He had never heard of Bitcoin before, but after seeing Huahua use a marker to draw simple circles and arrows on a whiteboard explaining Bitcoin and blockchain, he felt he understood. 'Following her into Bitcoin investment was a great opportunity,' he thought. He invested in every project afterward, putting in over 10 million yuan, focusing solely on Bitcoin investments. Eventually, he even closed his shop, became a minor leader, and helped educate other investors in Tangshan, Hebei, spreading updates about Bitcoin and Blue Skies Greediness and answering their questions.]
——Source: "Sanlian Life Weekly"
One Thought Leads to Enlightenment, One to Demons
From 2017 to 2025, eight years have passed since the Blue Skies Greediness scandal. The once-celebrated figure “Huahua” and the investment frenzy she sparked remain a tragic tale. Although public information is limited, we can still glimpse the complexity and controversy of this case. It is reported that Huahua, with her sharp investment insight and unique personal charisma, attracted 130,000 domestic investors, amassing over 40 billion yuan in total investments.
Surprisingly, among the victims were retired personnel from judicial and law enforcement agencies, successful entrepreneurs, and other highly educated individuals. This raises the question: What kind of charm did Huahua possess that drew so many investors to follow her so fervently?
Judging from available information, Huahua might have had the potential to become a renowned cryptocurrency investor. As early as 2014, she recognized the fundamental value of Bitcoin and blockchain technology, becoming one of the earliest advocates of Bitcoin in China. She once promised investors: “Bitcoin is the ‘gold’ among digital currencies, immune to inflation, and its price will keep rising—eventually, one coin can buy a villa.” Today, this prediction has, to some extent, come true: by 2025, Bitcoin’s price has surged to approximately $120,000 (nearly one million RMB). Had Huahua genuinely purchased Bitcoin for her investors back then, she might have become a celebrated entrepreneur who led people to prosperity, rather than a prisoner detained in the UK today. Yet, as the old saying goes, “Flowers may bloom again, but youth never returns.” Huahua’s intelligence, misdirected, led to a tragic outcome.
Nonetheless, Huahua’s “investment acumen” left behind a massive fortune—61,000 Bitcoins (frozen by UK police, though the actual amount may be higher). This asset is now extremely valuable and has become a focal point of the case. Just as the collapse of FTX, the famous U.S. cryptocurrency exchange, saw its founder SBF imprisoned, yet the Solana blockchain he left behind has become one of the world’s leading blockchains in terms of daily active users and DeFi transaction volume, with related crypto assets significantly appreciating. In the Blue Skies Greediness case, these 61,000 Bitcoins represent a crucial asset that victims urgently need to reclaim.
To this end, we urge victims to take action: scan the QR code to report your victim information and add our WeChat, choosing Manqun Law Firm as your legal representative. We are confident in helping victims recover their trapped assets.
We will collaborate with professional UK law firms to closely monitor the progress of Zhang Yadi’s criminal case, thoroughly analyze the possibility of recovering frozen assets, and assess whether the seized Bitcoins can be leveraged under applicable laws and evidentiary findings to secure the best possible compensation plan for victims, striving to minimize their losses.
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