The mastermind behind the 70,000 Bitcoin fraud case has been sentenced, and details of the Bitcoin's whereabouts have been revealed.

Author: Wang Lina, reporter for Caijing

Qian Zhimin, the main culprit in the UK's largest Bitcoin seizure case involving 70,000 Bitcoins and a Chinese case of illegally absorbing public deposits, has been sentenced in the UK.

On November 11, local time in the UK, Qian Zhimin was sentenced to 11 years and 8 months in prison by a British court. Previously, on September 29, Qian Zhimin pleaded guilty in court to two charges: possessing and transferring cryptocurrency proceeds of crime.

With the verdict in Qian Zhimin's criminal case, more details about Qian Zhimin's escape, concealment, and transfer of Bitcoins have been revealed.

How to handle the more than 61,000 Bitcoins seized by British police will be crucial to the next step in this case. In February 2024, a Bitcoin wallet that had been dormant for five years transferred 8.2 Bitcoins to a trading account belonging to Seng Hok Ling. The trial revealed that this transaction brought Qian Zhimin and Ling Zenghao to light, exposing them to police scrutiny and leading to their arrest. Before fleeing to the UK, Qian Zhimin was the actual controller of Tianjin Lantian Gree Electronic Technology Co., Ltd. (hereinafter referred to as "Lantian Gree"). Chinese judicial authorities have determined that Lantian Gree was established in 2014, and while the legal representative was registered under another person's name, the company was actually controlled by Qian Zhimin. Lantian Gree lacked banking and financial institution qualifications and used promises of principal and interest repayment and high returns as bait to attract funds by signing investment agreements for wealth management products with the general public. From April 2014 to August 2017, it illegally raised over 40.22 billion yuan, all of which was controlled and disposed of by Qian Zhimin. Currently, according to Chinese judicial authorities, several people involved in the Lantian Gree illegal fundraising case have been sentenced. According to relevant judicial documents, Qian Zhimin met a man named Zhao Linfeng in 2014 and they developed a romantic relationship. Qian Zhimin spent approximately 10 million yuan on valuable items such as agarwood, antiques, and jade from Zhao Linfeng's company. In February 2017, Qian Zhimin asked Zhao Linfeng to help her illegally cross the border, and subsequently, with Zhao Linfeng's assistance, Qian Zhimin fled across the border. In September 2017, Qian Zhimin fled to the UK. After attempting to convert Bitcoin into cash to purchase high-value properties in the UK and other locations, he attracted the attention and investigation of the British police, and subsequently went into hiding again in the UK (see the May 29, 2024 report by Caijing: The Money Laundering, Money Scams, and Chinese Fugitives Behind 61,000 Bitcoins). In a Bitcoin exchange and real estate transaction, Wen Jian (transliteration), an assistant who acted as a "front desk" for Qian Zhimin, was charged by British police. For her involvement in money laundering, Wen Jian was sentenced to 80 months in prison by a British court. The judge wrote in Wen Jian's sentence, "When others fled, you remained, and very few people do so." In August 2020, when British police searched a house rented by Qian Zhimin for the second time, Qian Zhimin had disappeared and her whereabouts were unknown. Previously, when police searched the residence, Qian Zhimin was lying in a bedroom, claiming a leg injury that prevented her from going downstairs, and told police she was Zhang Yadi (transliteration), the name on her St. Kitts and Nevis passport. The escape was eventually exposed. On April 22, 2024, Qian Zhimin was arrested in York, a city in northeast England. At the time, Qian Zhimin was carrying four cryptocurrency wallets, worth over £62 million at the time. He also possessed two fake passports and a large amount of cash. Qian Zhimin's escape was not a solitary one. When arrested in York, he was living with four foreign nationals. These four were brought to the UK to work illegally for Qian Zhimin, handling his daily needs and helping to conceal his identity and whereabouts. Ling Zenghao was another accomplice of Qian Zhimin after Wen Jian, assisting him in trading and converting Bitcoin and purchasing overseas properties. When arrested in the UK, Qian Zhimin had been on the run for seven years. He fled with 70,000 Bitcoins. Qian Zhimin arrived in the UK via a circuitous route. According to the UK court proceedings, on July 26, 2017, Qian Zhimin left China with a laptop. On September 16, 2017, when Qian Zhimin entered the UK, he was identified as Zhang Yadi and possessed Zhang Yadi's passport. However, Zhang Yadi did not bring the laptop he had taken from China with him when entering the UK. More than a month later, the laptop was taken to the UK and retrieved from Thailand by its "front desk" assistant, Wen Jian. More than a month later, Wen Jian went to Thailand again to retrieve another laptop. The Lantian Gree case originated in China in 2017. On April 21, 2017, the Hedong Branch of the Tianjin Public Security Bureau opened an investigation into Lantian Gree for suspected illegal fundraising. This trial revealed that when Chinese police began their investigation, more than 70,000 Bitcoins had already been transferred to a cryptocurrency wallet stored on the laptop. This laptop was eventually brought to the UK and stored in a safe deposit box jointly opened by Qian Zhimin and Wen Jian. On November 1, 2018, police searched the safe deposit box and seized the computer and related items. The initial 70,000+ Bitcoins were quickly transferred to multiple other cryptocurrency wallets. By October 31, 2018, Qian Zhimin's Bitcoin holdings had increased to 71,417, stored in seven cryptocurrency wallets. After Qian Zhimin arrived in the UK, the circulation of Bitcoins, including transfers between wallets and subsequent transactions or conversions, exceeded 18,000 Bitcoins. Court information stated that at the time of police seizure, the total value of the cryptocurrencies held by Qian Zhimin exceeded £384 million. By the time the police recovered these cryptocurrencies through technical means (between June 2021 and September 2025), their value had exceeded £1.5 billion. The trial in the UK confirmed that the Bitcoin and other cryptocurrencies involved originated from the proceeds of a large-scale investment fraud that took place in China through Lantian Green, a company established in April 2014 by Qian Zhimin and others. More than 128,000 investors were involved, with the amount exceeding 40 billion yuan. In June 2014, Qian Zhimin, under the name of a partner at Lantian Green, opened an account on the Huobi cryptocurrency exchange, transferring investors' funds into this account and converting them into Bitcoin. Some investors also used their funds to purchase Bitcoin through over-the-counter trading. Correspondingly, Chinese judicial authorities determined that Lantian Gree illegally raised over 40.228 billion yuan, of which over 34.118 billion yuan was used to repay over 128,000 investors, over 336.7 million yuan was used for the company's daily expenses and project operations, and the remaining funds were used to purchase real estate, jewelry, cars, etc. After the case was uncovered, the public security organs made every effort to recover the stolen assets, and legally froze and seized a batch of funds, real estate, vehicles, and other assets involved in the case, freezing 1.8 billion yuan of funds involved in the case, seizing over 500 million yuan in cash, seizing jewelry, gold bars, and other items, and sealing related real estate. According to the audit of the Lantian Gree illegal fundraising case, Lantian Gree used a total of 1.14 billion yuan to purchase Bitcoin. From April 2014 to July 2017, the price of one Bitcoin ranged from $310 to $3,000. During his time on the run, he repeatedly attempted to buy property overseas. The proceeds from his fraud and the profits from Bitcoin allowed Qian Zhimin to support his luxurious lifestyle and travels in the UK, as well as the purchase of high-net-worth properties abroad. All of this was carried out through his accomplices in the UK, Wen Jian and Ling Zenghao, who acted as his front men. How Qian Zhimin found these accomplices in the UK to take such risks for him is currently unclear. Wen Jian, 43, originally from China, lived in rented accommodation in the UK after divorcing her then-husband and worked at a Chinese takeaway restaurant. A few days after Qian Zhimin arrived in the UK, Wen Jian moved into the luxury apartment Qian Zhimin was renting. She helped Qian Zhimin open bank accounts, obtain a driver's license, and accompanied him on trips and purchases of high-net-worth properties, claiming to be Qian Zhimin's personal assistant. Ling Zenghao, 47, is the same age as Qian Zhimin and is a Malaysian Chinese. Ling Zenghao has a criminal record in Hong Kong. In 2015, at Hong Kong airport, Ling Zenghao attempted to use 10 counterfeit credit cards to buy two high-value watches in one day. He pleaded guilty to fraud and was sentenced to two and a half years in prison. According to Ling Zenghao, he met Qian Zhimin and Wen Jian in Germany in 2019. After contacting Qian Zhimin, Ling Zenghao attempted to find forged passports for Qian Zhimin three times in 2020 and 2022. After Wen Jian's arrest, Ling Zenghao helped Qian Zhimin arrange for the employment of domestic workers overseas and the creation of forged documents. In 2024, he helped Qian Zhimin frequently change his address and rent houses under a false name. Ling Zenghao was not entirely unaware of Qian Zhimin's past. Court information shows that in early 2024, Ling Zenghao searched online for information about Wen Jian's trial and subsequently for information about Lantian Gree Company. Even so, Ling Zenghao still received Bitcoin transferred by Qian Zhimin to his cryptocurrency wallet. In February and April 2024, Ling Zenghao received 67.7 bitcoins from Qian Zhimin, which were quickly converted into various types of cryptocurrencies and then exchanged for UAE fiat currency, British pounds, Singapore dollars, and other currencies. One exchange involved 10.13 bitcoins, which were transferred to an associate in Dubai, converted into fiat currency, and deposited into multiple bank accounts, some of which were used to purchase real estate in Dubai. Ling Zenghao also used cryptocurrency to pay for Qian Zhimin's housing rental fees and to hire staff. It is reported that in Dubai, Wen Jian helped Qian Zhimin purchase two properties, which were immediately rented out and resold within a year. Wen Jian also traveled to St. Kitts and Nevis to explore investment opportunities. In the UK, Qian Zhimin and Wen Jian attempted to exchange Bitcoin for two high-net-worth properties, one valued at £23.5 million and the other at £12.5 million. This attracted police attention, bringing Qian Zhimin, the main suspect in the Lantian Gree illegal fundraising case, into the police's sights. The Difficulties of Cross-Border Recovery of Bitcoin Involved in the Case After being apprehended in the UK, Qian Zhimin maintained his innocence during questioning and remained silent for most of the time. On September 29, 2025, Qian Zhimin was tried at Southwark Crown Court in London, UK. On the first day of the trial, Qian Zhimin pleaded guilty, surprising those in the audience and leading to speculation that he was trying to obtain a lighter sentence by pleading guilty. The sentencing hearing revealed that Qian Zhimin actively participated in various prison projects during his time in prison, demonstrating a positive attitude, diligence, and even improving his English. His defense lawyer described his behavior in prison as that of a "model prisoner." On November 11, the British court delivered its sentencing verdicts for Qian Zhimin and Ling Zenghao. The British court sentenced Qian Zhimin to 11 years and 8 months in prison; if he had not pleaded guilty at the previous trial, he would have been sentenced to 13 years in prison. Ling Zenghao was sentenced to 4 years and 11 months in prison. In his verdict, the British judge stated that the harm Qian Zhimin caused to investors "far exceeded financial losses." Some victims lost their homes, suffered physical and mental health problems, experienced broken marriages and family relationships, and were left with a lingering sense of shame. Qian Zhimin was the mastermind behind this crime, laundering money on an unprecedented scale, with "pure greed as the motive." Zheng Jian (pseudonym), a resident of a city in southwestern China, was an investor in the Lantian Gerui case and had been closely following the progress of Qian Zhimin's case. Zheng Jian and his ex-wife purchased multiple financial products from Lantian Gerui, subscribing to more than 10 Bitcoins. After the Lantian Gerui case broke, Zheng Jian realized that this investment scheme was actually a fraud, resulting in losses of over one million yuan and the breakdown of his marriage. In recent years, Zheng Jian has reached retirement age, but he cannot settle down and still has to look for opportunities to earn money to pay off his debts. Shortly before Qian Zhimin's sentencing, on October 30th, Tianjin police issued a statement regarding the "Blue Sky Green" case. The statement said that the main suspect, Qian Zhimin, had fled to the UK. Tianjin public security organs have been conducting in-depth international cooperation with British law enforcement agencies through international law enforcement and judicial cooperation channels to pursue fugitives and recover assets. Currently, public security organs are continuing cross-border cooperation with British law enforcement agencies to do their utmost to recover losses for those who participated in the fundraising scheme. Ding Jie, director of the Cross-border Dispute Resolution Committee and deputy director of the Beijing office of Duan & Duan Law Firm, is currently handling cross-border Bitcoin recovery work for over a hundred participants in the fundraising scheme. Regarding the sentencing of Qian Zhimin by the British court, Ding Jie analyzed for Caixin reporters that the British judge presented the established background of the case and assessed culpability and harm according to British sentencing guidelines. Qian Zhimin's seven years on the run, a cross-border crime making tracking more difficult, were aggravating factors considered by the judge in sentencing him; Qian Zhimin being a first-time offender, exhibiting good behavior in prison, and cooperating in civil proceedings were mitigating factors. The sentencing of Qian Zhimin is not the end of the case; how to handle the Bitcoin involved is a more pressing concern for the affected investors in China. Zheng Jian told Caixin reporters that Qian Zhimin's sentencing is only one criminal outcome of the case, "The matter is not over yet. In the past few years, Bitcoin has skyrocketed seventy or eighty times. What should be done with the Bitcoin? Should it be returned to investors?" Regarding the handling of the Bitcoin involved in the case, Ding Jie analyzed that the ownership of the Bitcoin may involve three procedures: first, criminal confiscation procedures in the UK; second, civil recovery procedures in the UK; and third, the possibility of future sharing of the Bitcoin assets involved between China and the UK. Whether in criminal or civil proceedings, UK law must first protect the interests of the victims, provided that these victims (those who participated in the fundraising) can prove their victimization according to UK legal standards. Theoretically, after the conclusion of the UK judicial proceedings, the asset sharing between the two governments will officially begin. Next, in addition to actively cooperating with the cross-border recovery efforts of relevant Chinese departments, those participants in the fundraising who have a very clear chain of evidence and can meet the proof standards of the UK POCA Act can participate in the UK judicial proceedings. Ding Jie stated, "The real cross-border legal battle will begin next, starting with the ownership of Bitcoin."