The "Bitcoin Queen" of China was sentenced to 11 years and 8 months, and her 61,000 Bitcoins were confiscated.

A century-long crypto assets eyewash, spanning across China and the UK, involving an amount as high as several billion pounds, recently reached a key ruling at the Southwark Crown Court in London. Zhimin Qian, dubbed the “Queen of Bitcoin” by the media, was sentenced to 11 years and 8 months in prison for planning and leading the largest Money Laundering case in British history. Meanwhile, UK police seized over 61,000 Bitcoins related to her, a massive amount of wealth flowing in the digital world, now valued at over £5 billion (approximately $6.4 billion), with its final vesting becoming the focus of global attention.

This case not only reveals the astonishing scale at which Crypto Assets are used for illegal activities but also profoundly reflects a huge tragedy woven from the exploitation of human nature, patriotic sentiments, and financial illusions.

Patriotic eyewash

The story dates back to 2014 in China. At that time, Qian Zhimin founded an investment company called “Lantian Gerui.” She portrayed herself as a visionary tech entrepreneur, selling a revolutionary wealth growth plan that combined “high-tech health products” with “Bitcoin mining” to the public, especially to the relatively information-isolated middle-aged and elderly groups.

To build trust, Qian Zhimin's team adopted highly provocative marketing strategies. They held grand banquets and investor conferences, even renting iconic venues such as the Great Hall of the People in Beijing, inviting social elites to stand on stage. The core slogan of the promotion was highly infectious: “Investing in Lantian Ge Rui is helping China become the world's number one.” This narrative, which binds personal wealth to national glory, precisely hit the fervent patriotism of many investors. A victim who went by the alias “Mr. Yu” lamented in an interview: “Our patriotic feelings have become our most fatal weakness.”

To make the eyewash appear more real, Blue Sky Ge Rui pays investors a small amount of “returns” every day, creating the illusion of stable returns. This seemingly “risk-free” model has lured many people, including Mr. Yu, to invest not only their life savings but even to borrow at interest rates as high as 8% to increase their investment. In addition, the company has established a typical Ponzi scheme bonus system that encourages investors to “follow” others; for each new member they introduce, they can receive additional rewards.

Under this viral spread, from 2014 to 2017, BluSky successfully attracted over 128,000 investors, with a total amount of funds involved reaching 40 billion RMB (approximately 5.6 billion USD). However, this money was not actually used for so-called mining or technology research and development, but was quietly transferred by Qian Zhimin and largely exchanged for Bitcoin.

In mid-2017, as the Chinese police began investigating BluSky and Grey, this financial empire built on lies had its funding chain abruptly severed, and daily “profits” came to an end. Sensing the danger, Qian Zhimin used a forged passport from Saint Kitts and Nevis to assume the name “Yadi Zhang” and quietly fled China, eventually entering the UK in September of the same year after passing through several countries.

In London, Qian Zhimin transformed into a mysterious wealthy woman who claimed to be engaged in the jewelry and antiques business. She rented a mansion in the upscale Hampstead neighborhood in North London for a staggering monthly rent of over £17,000, living a luxurious life of indulgence. According to her assistant Jian Wen, who was later arrested and revealed in court, Qian Zhimin's days in London were extremely extravagant, spending most of her time lying in bed playing games and shopping online wildly.

However, to maintain this lifestyle, she had to liquidate a large amount of Bitcoin. To this end, she hired Wen Jian, who had previously worked in a Chinese takeaway, as her “housekeeper” and “assistant” to help her manage her assets. They attempted to purchase top luxury properties in London, including one worth over ten million pounds, but were unable to explain the legal source of the large funds to the lawyers and banks, triggering the UK's strict Anti-Money Laundering (AML) and Know Your Customer (KYC) alarms, ultimately drawing the attention of the police.

In 2018, the London Metropolitan Police raided the mansion of Qian Zhimin located in Hampstead after receiving a tip-off. Although Qian Zhimin went missing again after a brief detention, the police seized multiple hardware wallets containing tens of thousands of Bitcoins inside the house. This became the largest single seizure of Crypto Assets in the history of UK law enforcement.

In the following years, the police carried out extremely complex digital tracking and decryption work. Ultimately, in 2021, they successfully unlocked these wallets and confirmed that they contained over 61,000 Bitcoins. Meanwhile, the pursuit of Qian Zhimin was still ongoing.

Until April 2024, the police successfully arrested Qian Zhiming and his Malaysian accomplice Senghok Ling in a rental house in York, northern England. At the time of the arrest, Qian Zhiming was even disguised, appearing to walk unsteadily and looking weak, but surveillance footage showed she was actually agile; it was all just an act. Her assistant Wen Jian and accomplice Senghok Ling were also subsequently sentenced, receiving 6 years and 8 months and nearly 5 years, respectively.

In court, Qian Zhimin initially denied all charges, arguing that she was a “victim” of China’s crackdown on cryptocurrency entrepreneurs. However, in the face of overwhelming evidence, she ultimately admitted in September 2025 to charges of illegally obtaining and possessing criminal property and Money Laundering. The judge described her as the “mastermind” of the entire eyewash at the sentencing, with motives that were “purely greedy.”

The Long Road to Compensation

With the conviction of Qian Zhimin, the criminal proceedings come to a temporary end, but a more thorny issue has emerged: what will happen to the Bitcoin worth over £5 billion?

On one hand, thousands of Chinese victims are organizing, hiring lawyers, hoping to recover their hard-earned money through the civil compensation procedures in the UK. They believe that this Bitcoin was purchased with their investment funds and should be returned to them. However, the path to compensation is exceptionally difficult. Many victims initially transferred money to regional promoters rather than directly to Blue Sky Greys, which complicates the proof of the fund's flow.

On the other hand, this case has raised an unprecedented legal dilemma: the victims invested in Renminbi, and now the assets have turned into significantly appreciated Bitcoin. If compensation is to be provided, should it be based on the original principal, or should it share in the enormous profits brought by the surge in Bitcoin prices?

In addition, under the UK's Proceeds of Crime Act, any remaining illegal proceeds after compensation is deducted typically belong to the UK Treasury. This means that the UK government could potentially become a “beneficiary” of this case, sparking widespread international discussion. To this end, the Crown Prosecution Service (CPS) is considering establishing an unprecedented international compensation fund for victims of crypto scams, but specific details have yet to be announced.

For victims like Mr. Yu, this money is not just about finances; it symbolizes hope. He lost his savings due to this eyewash, and his family was shattered as a result. He and other victims only hope to recover a portion of their losses to heal the wounds of life. Even more heartbreaking is that, according to lawyers, some elderly victims have passed away in despair due to lack of money for medical treatment.

Although Qian Zhiming's empire has collapsed, the digital legacy she left behind and the legal and moral dilemmas it has caused will continue to ferment in the coming years. This case is not only a severe test for global law enforcement agencies in dealing with new types of crypto crime but also serves as a warning bell for all investors harboring dreams of wealth: while pursuing high returns, never lose rational judgment, and do not let emotions and blind following cloud your vision.