Bitcoin Money Laundering Queen Makes 266 Times Profit! 60,000 BTC UK High Court to Rule on Life and Death

The main perpetrator of the 60,000 Bitcoin money laundering case, Qian Zhimin, purchased Bitcoin at an average price of 2,815 per coin, and by the day she was sentenced in the UK, the price of Bitcoin had inflated 266 times to 750,000 per coin. The UK High Court will hold a hearing on November 17 regarding the disposal of 60,000 Bitcoins. The Southwark Crown Court in the UK sentenced Qian Zhimin to 11 years and 8 months in prison, with the judge stating that she was “the planner of this crime from start to finish, motivated purely by greed.”

Bought at 2815 yuan, an astonishing profit with a 266 times surge

According to reports from Caixin, the average price at which Qian Zhimin purchased Bitcoin was 2815 yuan per coin, while on the day of her sentencing in the UK, the price of Bitcoin had inflated 266 times to 750,000 yuan per coin. This astonishing increase in value caused the amount involved in this Bitcoin Money Laundering case to swell from the initial hundreds of millions of yuan to hundreds of billions. Based on 60,000 Bitcoins, with a purchase cost of 2815 yuan, the total investment was approximately 169 million yuan; at the sentencing day price of 750,000 yuan, the total value reached 45 billion yuan, equivalent to about 6.3 billion USD or 4.5 billion GBP.

This kind of high profit is the key to Qian Zhiming's ability to fulfill the promised returns to investors. Lantian Gerui Company promised investors a 200% profit within two and a half years, and distributed small dividends daily. Against the backdrop of the continuous rise in Bitcoin prices, Qian Zhiming indeed had the ability to pay these returns—at least in the initial stages. This is also why this scam was able to last for several years and attract over 120,000 investors.

However, this business model is essentially a Ponzi scheme. A former employee of the company claimed that the funds used to pay daily dividends actually come from new investors, rather than from cryptocurrency mining profits. Blue Sky Ge Ray claims to use investors' funds for mining, that is, generating new Bitcoin, and investing in a series of cutting-edge technology equipment. However, British police believe this is a carefully designed scam, and Qian Zhimin's company merely uses the promise of high returns to attract more and more investors to join.

The surge in Bitcoin has masked the nature of the scam. When investors see dividends coming in every day, it is hard for them to suspect that it is a scam. Victim Mr. Yu stated that he never suspected anything was wrong because the company would provide him with a portion of visible profits every day—just over 100 yuan (about 14 USD) each day. “This feels very good for everyone and even gives us the confidence to borrow a little more money to invest in this company.”

120,000 investors and a 40 billion fund Ponzi empire

The marketing strategy of Blue Sky Ge Rui utilizes the loneliness and patriotism of many middle-aged and elderly people in China. Qian Zhiming even wrote verses about social responsibility, such as: “We must care for the elderly with the infatuation of first love.” The company also organizes group trips and banquets for existing and potential investors, promoting more investment opportunities – there were slide presentations and card swiping machines prepared on-site.

Blue Sky Ge Rui is also vigorously promoting its love for China, which is another carefully designed tactic to impress the elderly. “Our patriotism is a fatal weakness, and they are precisely exploiting this,” said Mr. Yu, who is over 60 years old. “They claim they want to make China the world's number one.” A series of speakers endorsed the company, including the late son-in-law of the founder of the People's Republic of China, Mao Zedong. “Our generation admires Chairman Mao, so if even his son-in-law backs the company, how could we not believe it?”

Investors found that by recruiting a new member, their daily dividends would increase. According to the official prosecution documents against the company's promoters in China, this tactic helped the scam scheme expand to about 120,000 people across all provinces in China. The UK Crown Prosecution Service (CPS) pointed out that their total deposits exceeded 40 billion RMB (approximately 5.6 billion USD, 4.2 billion GBP).

Core Techniques of the Blue Sky Ge Rui Ponzi Scheme

Celebrity Endorsements: Utilizing celebrities like Mao Zedong's son-in-law to promote the company.

Patriotism: Claiming to make China the number one in the world, utilizing the patriotism of middle-aged and elderly people.

Daily Dividend: Using the money of new investors to pay returns to old investors, creating the illusion of profit.

Multi-level Promotion: Recommending new members can increase dividends, forming a pyramid scheme style expansion.

High-profile Events: Hosting events at landmarks such as the Great Hall of the People to create a formal corporate image.

An investor who participated in the event stated that the company even held events at the Great Hall of the People, where the Chinese legislature meets. This high-standard event venue added a veneer of legitimacy to the scam, making it harder for investors to raise suspicions.

The Largest Bitcoin Seizure Case in British History: Disposal Challenges

After fleeing China, Qian moved into a mansion in Hampstead, North London, with a monthly rent of over £17,000 ($22,700). A year later, the Metropolitan Police raided the property, conducting one of the largest single cryptocurrency seizures in the world. The police raided the property rented by Qian Zhiming in Hampstead and seized hard drives and laptops containing tens of thousands of Bitcoins—believed to be the largest single cryptocurrency seizure in British history.

Regarding the disposal of assets involved in the case that were frozen in the UK, the UK authorities have not yet made substantial progress in returning or sharing with the Chinese government. On October 30, the Hedong Branch of the Tianjin Public Security Bureau, which is investigating the Lantian Ge Rui case, announced that the public security organs are still continuing cross-border cooperation with UK law enforcement agencies to pursue fugitives and recover assets, making every effort to mitigate the losses of the participants in the fundraising. On November 17, 2025, the UK High Court will hold another hearing on the disposal of 60,000 Bitcoins.

The cryptocurrency that Qian Zhiming brought to the UK has increased in value by more than 20 times since her arrival. Its final destination will be determined by a civil case regarding “criminal proceeds,” which is set to officially commence early next year. Two law firms representing the victims stated that thousands of Chinese investors plan to file claims in this case. However, this is not easy; they need to prove their claims — and in many cases, the funds did not go directly into Qian Zhiming's company, but were instead transferred into the accounts of local promoters and then passed up through the layers.

It is currently unclear whether, if the victims successfully claim compensation, they will only be able to recover their original investment or if they will receive an amount reflecting the subsequent appreciation of Bitcoin. Like other “criminal proceeds” cases, any remaining funds typically go to the UK government. Mr. Yu told the BBC that this Bitcoin Money Laundering scam has impacted him not only financially but also personally, ultimately leading to divorce and infrequent contact with his son.