The name "Qian Zhimin" had faded from public discussion for years, along with the infamous Lantian Gerui investment scam. However, recent months have reignited interest among nearly 400 victims in a维权群 (rights protection group), who are sharing legal analyses and updates on the case's progress.
On November 11, 2025, Qian Zhimin, the mastermind behind Tianjin's Lantian Gerui massive illegal fundraising case and the UK's largest Bitcoin money laundering operation, was sentenced to 11 years and 8 months in prison in the UK. With the criminal proceedings concluded, attention has shifted to cross-border asset recovery.
UK authorities have identified 61,000 Bitcoin linked to the case, purchased primarily with proceeds from Qian's crimes in China. A Supreme Court hearing scheduled for November 17 to determine the disposition of these assets was postponed to January 2026.
Legal experts note that the UK is conducting parallel criminal and civil asset recovery proceedings, with evidence from the former potentially informing the latter. Given Bitcoin's price surge, the seized assets' value briefly approached ¥50 billion, raising questions about full victim compensation and entitlement to appreciation gains.
Professor Yan Lixin of Fudan University highlights this case as a landmark in digital currency anti-money laundering, involving complex legal and geopolitical battles over ownership and jurisdiction. The core demand remains clear: returning assets to Chinese victims.
Beyond the 61,000 Bitcoin, court documents reveal Qian purchased over 194,951 Bitcoin, leaving more than 120,000 unaccounted for. London police disclosed Qian's claim of losing access to a wallet containing 20,000 Bitcoin (worth ~¥12.5 billion).
Victims like Zheng Zhengge, a teacher who invested over ¥1 million, describe devastating losses leading to family breakdowns and years of debt. UK Judge Sally-Ann Hales acknowledged these non-financial harms during sentencing, increasing Qian's term beyond the standard 10 years.
International cooperation proved crucial, with UK authorities recognizing evidence from Chinese law enforcement. Tianjin police confirmed ongoing collaboration to recover losses, while local authorities urged unregistered victims to come forward by December 29, 2025.
The UK's Proceeds of Crime Act (POCA) allows victims to claim assets, but complexities arise. While the UK typically shares confiscated assets 50-50 with requesting nations, experts note exceptions for victim compensation under the China-UK Mutual Legal Assistance Treaty.
Professor Zhu Jiangnan explains that unlike public embezzlement cases, this private fraud requires judicial determination of restitution amounts. The UK's Asset Recovery Incentivisation Scheme further complicates matters by splitting recovered funds between central and local authorities.
Legal battles now focus on whether victims can claim Bitcoin's appreciation. Some argue for full current value under "tracing" principles, while others warn this could legitimize illegal gains. Technical challenges also persist in linking individual losses to specific Bitcoin amid complex money flows through OTC markets and mixing services.
Experts suggest China should negotiate to prevent automatic 50% deductions and emphasize victim priority under UN conventions. The case presents an opportunity to refine China's virtual asset regulations, balancing risk prevention with international standards for future cross-border recovery efforts.
(Note: Zheng Zhengge and Ge Qiu are pseudonyms)