The ringleader of the Blue Sky Green Bright case pleaded guilty to money laundering in London, leaving the fate of 60,000 bitcoins uncertain
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The ringleader of the Blue Sky Green Bright case pleaded guilty to money laundering in London, leaving the fate of 60,000 bitcoins uncertain
The main suspect in the 60,000 Bitcoin case, Qian Zhimin, unexpectedly pleaded guilty upon appearing in court.
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At Southwark Crown Court in London, 47-year-old Qian Zhimin pleaded guilty to one charge of "possessing criminal property" and one charge of "transferring criminal property." The mastermind behind the massive illegal fundraising case involving Tianjin-based Lantian Gerui, she has finally admitted guilt after years of denial.
The case involves 61,000 bitcoins, valued at approximately 48 billion yuan based on recent market prices—comparable to the 43 billion yuan tied to the domestic illegal fundraising scheme.
Qian Zhimin was the actual controller of Tianjin Lantian Gerui Electronic Technology Co., Ltd. Between 2014 and 2017, the company lured the public with promises of high returns, illegally raising over 43 billion yuan from nearly 130,000 investors.
In the summer of 2017, Qian converted her illicit gains into bitcoin and smuggled them abroad. Using a forged passport, she fled to the UK and began a life on the run.
After arriving in the UK, Qian hired a Chinese woman named Wen Jian as her assistant. Together, they engaged in extravagant spending in London, attempting to convert their bitcoins into tangible assets such as real estate and jewelry.
In 2018, when they attempted to purchase a 23.5 million-pound luxury home in London using bitcoin, the suspicious source of funds triggered the UK's anti-money laundering scrutiny, drawing police attention.
UK police subsequently seized key evidence during a raid in 2018. In May 2021, authorities successfully froze 61,000 bitcoins held in Qian’s devices.
The trial is expected to last 12 weeks and conclude before Christmas. Unusually, under the framework of Sino-British judicial cooperation, Chinese investigating officers will travel to London to testify in person, while several Chinese victims will appear remotely via video link from a court in Tianjin.
Left image: Recent photo of Qian Zhimin. Right image: Southwark Crown Court in London.
This mode of cooperation is uncommon in international judicial assistance, highlighting the high level of importance both sides place on the case. On July 17, 2025, the China Law Society and the Anglo-Chinese Association jointly held the fourth "Sino-British Rule of Law Roundtable" in London, laying the groundwork for this trial's collaboration.
The case demonstrates innovation in Sino-British cooperation regarding cryptocurrency regulation and judicial coordination. The UK's Economic Crime and Corporate Transparency Act passed in 2023 amended the Proceeds of Crime Act 2002, clearly establishing mechanisms for seizing crypto assets.
This means UK courts no longer debate whether "bitcoin constitutes property"—the legislation has already confirmed it as a recoverable asset.
Although Qian Zhimin has pleaded guilty, this does not directly determine the final disposition of the 61,000 seized bitcoins. Civil recovery proceedings will continue at the UK High Court.
According to the Financial Times, the UK Crown Prosecution Service has initiated civil compensation proceedings at the High Court. Under regulations, if no other party claims rights to the criminal assets, half will go to UK police and the other half to the UK Home Office.
Currently, multiple Chinese law firms have been appointed to represent Chinese investors in filing civil claims at the UK High Court. Firms including Jieran Law Firm, Duan & Duan, and Yingke Law Firm collectively represent over a thousand clients.
Huang Feng, professor at the G20 Anti-Corruption and Asset Recovery Research Center at Beijing Normal University, said: "Before the UK court hears applications for civil asset recovery, property victims should quickly engage lawyers with cross-border litigation qualifications and capabilities to file civil lawsuits in the UK."
For the nearly 130,000 domestic victims, Qian Zhimin's guilty plea marks an important step toward recovering losses. In December 2022, the Lantian Gerui case initiated its repayment process.
Some investors told media that the liquidation team returned 8% of defrauded funds in May 2023, followed by another 5% in October of the same year. As of April 2024, police had recovered 2.8 billion yuan—only 6.5% of the total raised amount.
The 61,000 bitcoins seized by UK police have brought new hope to investors. Based on current bitcoin prices, these assets are worth about 48 billion yuan, nearly matching the amount involved in the domestic illegal fundraising case.
Some investors have already taken action. At the end of April 2024, 2,500 Lantian Gerui investors submitted a joint letter to China's Ministry of Public Security, urging Chinese authorities to negotiate with the UK government to recover the "bitcoins purchased with their money."
In July 2024, some Chinese victim investors initiated civil legal proceedings in the UK, filing an overseas liquidation application against Lantian Gerui.
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