Qian Zhimin’s Final Sentencing for Massive Bitcoin Case Set in London
Following new disclosures to Chinese police, Qian Zhimin’s crypto holdings grew by £67 million, further escalating the scale of China’s largest crypto-related fraud case ahead of her UK trial.
BTC
XRP
Summary
Ahead of her September 2025 UK trial, Qian Zhimin provided Chinese police with device access and wallet passwords revealing additional £67 million worth of Bitcoin and XRP holdings, supplementing about 61,000 BTC already frozen. Between 2014 and 2017, she illicitly raised over 4 billion yuan from 130,000 people to purchase 194,951 BTC via Huobi and OTC trades, aiming to control 1% of Bitcoin’s supply. The UK convicted her of laundering 60,000 BTC — the largest crypto asset seizure in UK history — with a disposal hearing set for November 17, 2025.
Terms & Concepts
- BTC (Bitcoin): The world’s first and largest cryptocurrency, used here to denote large-scale holdings involved in the case.
- XRP: A digital asset created by Ripple Labs, used for payments and currency exchange within its distributed ledger network.
- OTC (Over-the-Counter) trading: Direct trading between two parties without using a centralized exchange, often used for large transactions.