In 2024, British police seized 61,000 Bitcoins, valued at approximately 30.4 billion yuan, unveiling a shocking cryptocurrency money laundering case that shocked both China and the UK. The mastermind behind it is Chinese woman Qian Zhimin, who orchestrated the illegal fundraising case of Tianjin Blue Sky Ge Rui Electronic Technology Co., Ltd. (hereinafter referred to as 'Blue Sky Ge Rui'), involving an amount as high as 43 billion yuan and affecting 130,000 investors. This article outlines one of the largest illicit fund transfer cases in cryptocurrency history, detailing its operational mechanisms and the victims' recovery dilemmas.

I. The Ponzi Scheme of Blue Sky Ge Rui: From 'High Technology' to 'High Returns'

In March 2014, Blue Sky Ge Rui was registered in Tianjin with a registered capital of 30 million yuan, with Ren Jiangtao as the legal representative, but the actual controller was the hidden Qian Zhimin. The company claimed to focus on 'high-tech' fields like smart elderly care, environmental development, and Bitcoin mining, launching products such as 'life wristbands', 'anti-fatigue seat belts', and 'air purifiers', and using Bitcoin mining sites as gimmicks to attract investors. However, these businesses were mostly facades, with the core being ten high-return financial products.

These financial products are priced at 60,000 yuan each, promising daily returns within 30 months, with a return rate of up to 100%-300%. For instance, the 'Carnival Franchise Program' stipulates a daily return of 100 yuan for the first six months, increasing monthly thereafter, allowing for multiple returns after 30 months. Blue Sky Ge Rui has attracted approximately 130,000 investors through its sales network across seven major regions (Beijing-Tianjin-Hebei, Northeast, East China, etc.), holding promotional meetings, developing brokers, and organizing 'mining site' inspections, covering 31 provinces and cities, raising 40.2 billion yuan in funds.

Qian Zhimin, under the alias 'Hua Hua', presented herself with a mysterious image. She claimed to be a dual PhD from Tsinghua University, a financial expert returning from study in the United States, and even a 'behind-the-scenes consultant for national key projects', yet she always sat in a wheelchair, covered with a pink veil, forbidding photographs, creating an air of mystery and profundity. At promotional meetings, she rarely spoke, igniting investors' enthusiasm with a single phrase: 'Give Ge Rui three years, and Ge Rui will give you three lifetimes of wealth.' Most investors were middle-aged and elderly, with some investing retirement funds, house sale proceeds, or even borrowing to participate, firmly believing in high return promises.

II. Qian Zhimin's Operating Methods: From Pyramid Schemes to Bitcoin Money Laundering

Qian Zhimin is not a first-time offender. As early as 2013, under the alias 'Li Xia', she operated the 'Hong Kong UBS International' camellia oil investment project in Hefei, Anhui, attracting funds through a membership system and a pyramid scheme model. After the incident, she successfully escaped and went to Tianjin to plan a larger scam.

In Blue Sky Ge Rui, Qian Zhimin employed the following methods to commit fraud:

1. Ponzi Scheme Operations: Audits show that out of the 40.2 billion yuan raised, 34.1 billion yuan was used to pay 128,000 investors in a 'backfill' manner to sustain operations, attracting more funds. The remaining funds were used for purchasing jewelry (95.68 million yuan), real estate (91.89 million yuan), operational expenses (210 million yuan), etc., with 1.14 billion yuan converted into Bitcoin.

2. False Business Packaging: The company's claimed 'Bitcoin mining sites' were often just facades; machines at inspection sites were powered down, claiming 'radiation protection'. Financial products like 'Blue Sky No. 1' and 'Beneficial Coin' were linked to Bitcoin but lacked real business support.

3. Puppet Control: Qian Zhimin never appears directly; the legal representative Ren Jiangtao is someone she met in an online game, earning a monthly salary of 30,000 yuan and promised 1 million yuan in compensation after three years. Ren Jiangtao confessed that he was merely a figurehead, with actual control held by Qian Zhimin.

4. Psychological Manipulation: Qian Zhimin used a mysterious image and 'high-tech' gimmicks, combined with the frenzied atmosphere of promotional meetings, to entice investors to increase their investments. Some investors, due to early returns, sold houses or borrowed money to invest more until the explosion in July 2017.

In April 2017, the Tianjin police launched an investigation into Blue Sky Ge Rui. Qian Zhimin made early arrangements by converting part of the funds into Bitcoin in July, transferring them through subordinate Huobi accounts, and fleeing to the UK with a forged St. Kitts and Nevis passport (under the alias Zhang Yadi). She also carried a laptop containing an encrypted wallet with 61,000 Bitcoins, some obtained through 'mining', most purchased through trading.

III. Escape and Money Laundering: The Luxurious Life in the UK and Capture

In September 2017, Qian Zhimin entered London under the name 'Zhang Yadi', holding a fake passport from Myanmar under the alias 'Nan Yin', and began a luxurious life. She rented a luxury apartment with a monthly rent of 17,000 pounds, purchased jewelry and real estate, and planned to invest in the Eastern European 'micro nation' Liberland, attempting to gain diplomatic immunity by constructing a Buddhist temple and airport. Police found electronic devices at her residence, discovering 61,000 Bitcoins, marking it as the largest cryptocurrency money laundering case in the UK. She was sentenced to 6 years and 8 months in prison in May 2024, while Qian Zhimin initially fled.

In April 2024, Qian Zhimin was captured in London. In May, she appeared in court for the first time under the name 'Zhang Yadi', facing two charges of illegal possession of cryptocurrency. She denies all charges and refuses bail, with the case scheduled for trial in September 2025. Co-defendant 'Senghok Ling' remains unidentified and also pleads not guilty.

IV. The Victims' Recovery Dilemma

The Blue Sky Ge Rui case involves 130,000 investors with severe losses. Many invested their life savings, some are burdened with debts, and even rely on collecting waste for a living. In 2022, the Tianjin police initiated a refund process, registering victim information through a mini-program, but cross-border debt recovery faces multiple challenges:

- Complexity of Virtual Currency: The anonymity of Bitcoin and its cross-border transfer characteristics make asset recovery extremely difficult.

- Jurisdictional Conflicts: The legal differences between China and the UK regarding the ownership and value conversion of virtual currencies increase the difficulty of recovery.

- Evidence Absence: Some elderly investors have lost their investment documents due to the passage of time, hindering debt claims.

In July 2024, the British court accepted a liquidation application from Chinese investors (case number CR-2024-004069), allowing the delivery of liquidation documents to Qian Zhimin, Ren Jiangtao, and Blue Sky Ge Rui, marking a breakthrough in recovery efforts. Institutions like Shanghai Yingdong Law Firm are assisting victims in recovering losses through civil lawsuits, but the results remain uncertain.

V. Qian Zhimin: From 'Mysterious God of Wealth' to 'International Fugitive'

Qian Zhimin, born in September 1978 in Rugao, Jiangsu, with a college degree, divorced, and disabled due to a car accident, relies on a wheelchair for mobility. She is skilled in manipulating people, recruiting Ren Jiangtao through online games, buying off team members (like the 15 million yuan bail total manager Wu Xiaolong), and packaging herself with a false identity and high educational background. Her early investment in Bitcoin showed keen insight, purchasing large amounts at low prices from 2014 to 2017, which skyrocketed in value to 30.4 billion yuan seven years later.

However, her success was built on deceiving investors. The Blue Sky Ge Rui case is not just financial fraud; it is also a destruction of social trust. Victim Xu Jing (pseudonym) lamented, 'We did not know who 'Hua Hua' was until the explosion, only to find out she is Qian Zhimin.'

The Blue Sky Ge Rui case reveals the double-edged sword role of cryptocurrency in illegal fundraising and money laundering. Qian Zhimin exploited the anonymity and decentralized characteristics of Bitcoin to transfer massive amounts of illicit funds overseas, challenging traditional financial regulation. At the same time, the case exposed the lack of early regulatory measures for cryptocurrencies, as China had not yet implemented strict anti-money laundering standards from 2014 to 2017, providing opportunities for criminals.

For investors, the Blue Sky Ge Rui case serves as a painful lesson. High return promises often hide significant risks, especially in areas with weak regulation. Currently, victims are pursuing asset recovery through Sino-British judicial cooperation and civil lawsuits, but the lengthy legal process and complexities of cross-border debt recovery still test their patience.

Qian Zhimin's capture brings a turning point to the case, but whether the 43 billion yuan hole can be filled remains uncertain. In the future, cooperation between China and the UK in cryptocurrency regulation and cross-border law enforcement will determine if victims can recover their losses and will also provide important cases for the global anti-money laundering struggle.