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The Woman Behind One of the Largest Crypto Money Laundering Scandals in History
Her name is Qian Zhimin, a Chinese national who orchestrated one of the most extensive money laundering operations the cryptocurrency world has ever seen. By deceiving over 130,000 people, she embezzled 43 billion yuan, converting the illicit funds into 61,000 bitcoins before fleeing overseas.
Here’s how she did it — and what happened next:
Early Days and First Schemes
Qian Zhimin began her career in Hefei, where she got involved in various direct sales schemes. Operating under the alias Li Xia, she launched an investment plan centered around camellia oil. This marked her first serious attempt at fast, large-scale profiteering.
In 2013, she became involved in a pyramid scheme named Hong Kong UBS International, disguised as a cross-border financial investment initiative. The product was still camellia oil, but participation required membership, and returns were dependent on recruiting new members — a classic Ponzi model.
As police began investigating, Qian managed to evade arrest, unlike many of her associates. She quietly left Hefei and relocated to Tianjin.
Launching a Bigger Game
In March 2014, a company named Tianjin Lantian Ge Rui Electronic Technology Co., Ltd. was established. Although Qian didn’t appear in official registration documents, she operated behind the scenes, keeping her identity hidden.
The company claimed to specialize in tech, marketing items like smart bracelets, anti-fatigue seat belts, air purifiers, and Bitcoin mining machines. But behind this facade, a sophisticated financial scam was taking shape.
The core of the scheme was an "investment" plan:
Minimum investment: 60,000 yuan
Promised returns: Over 200% within 30 months
Daily interest: Starting at 100 yuan/day for the first 6 months, increasing monthly after that
