The story begins from 2014 to 2017 in China. Chinese citizen Qian Zhimin, alias Zhang Yadi, through Tianjin Lantian Gerui Company, under the guise of 'smart elderly care' and 'Bitcoin mining', engaged in illegal activities with an annual yield of 100%-300% as bait. During that time, countless people were deceived by her portrayal of a beautiful 'money landscape' and invested their savings. According to statistics, the public deposits she illegally absorbed reached as high as 43 billion yuan, involving up to 126,000 investors. Part of these illegally raised funds was exchanged for Bitcoins, which Qian Zhimin transferred to cryptocurrency wallets through exchanges.
In 2017, the Chinese police noticed anomalies at Lantian Gerui Company and began to intervene in the investigation. Sensing the wind, Qian Zhimin, holding a forged Saint Kitts and Nevis passport and carrying a laptop with a Bitcoin wallet, hurriedly fled to the UK. After arriving in the UK, she hired a Chinese woman, Jianwen, as her assistant, attempting to cash in Bitcoins by purchasing luxury homes, jewelry, and luxury goods. Their actions were quite bold; they even tried to pay £23.5 million directly with Bitcoins to purchase a mansion in Hampstead, but this fund, with an unclear source, was rejected by the bank. This operation caught the attention of the UK's financial regulatory authorities, leading to the transfer of the clues to the Economic Crime Unit of the Metropolitan Police, laying the groundwork for the resolution of subsequent cases.
As the investigation deepened, the British police gradually grasped key clues. In the early hours of October 31, 2018, seven police cars quietly stopped outside Jianwen's home. The explosives team used hydraulic shears to cut open the door lock and successfully entered the house, seizing a series of key evidence. In a hardware wallet, 61,000 Bitcoins were discovered, which were valued at £1.4 billion at the time, approximately worth $7.8 billion now. Additionally, £70,000 in cash, valuable jewelry (such as a £25,600 necklace), a luxury watch worth £49,300, and several luxury cars were also seized. Furthermore, handwritten password notes, a laptop, and a tablet recording Bitcoin transactions were obtained by the police.
In order to further track the flow of funds and confirm the connection between these Bitcoins and illegal gains in China, the British police collaborated with the blockchain analysis company Arkham. Arkham's technical experts tracked the transfer path of the Bitcoins from Huobi exchange to Qian Zhimin's wallet through professional means. By carefully analyzing the transfer frequency, transaction fee patterns, and expenditure records between wallets, it was discovered that these funds were used to purchase luxury goods and real estate. Furthermore, by leveraging the 'relationship link' feature, multiple wallets controlled by Jianwen were traced back, thereby constructing a complete money laundering network.
In March 2024, Jianwen was sentenced to 6 years and 8 months in prison for assisting in money laundering. The court determined after hearings that she knowingly helped Qian Zhimin conceal criminal proceeds by exchanging Bitcoins and purchasing assets despite being aware of the illegal source of the funds. Meanwhile, Qian Zhimin denied two charges of illegal possession of cryptocurrency at Southwark Crown Court in London in October 2024, with the case scheduled for trial in September 2025. She was accused of continuously using Bitcoins for money laundering activities from 2017 to 2024.
As early as 2018, the Chinese police issued a red notice for Qian Zhimin through Interpol and actively shared criminal evidence with the British police. For instance, China provided a financial audit report from Lantian Gerui, which showed that 1.14 billion yuan was used to purchase Bitcoins. This report became key evidence in the British court's trial of the case. However, in terms of asset distribution, no formal agreement has been reached between China and the UK; Chinese investors can only assert their rights through civil procedures. Currently, the Chinese Ministry of Public Security is negotiating asset return with the British police, but due to virtual currencies not being recognized as legal property in China, the legal basis is insufficient.
