The Fall of the "Bitcoin Queen": The Impact of the $6.4 Billion Seizure Case on the Cryptocurrency World

The Fall of the "Bitcoin Queen": The Impact of the $6.4 Billion Seizure Case on the Cryptocurrency World

2025年11月13日 00:35

1｜The Moment of Judgment──11 Years and 8 Months for the "Supervillain"

On November 11, 2025, the Southwark Crown Court in London sentenced Zhimin Qian (pronounced: Chien Ji-min), originally from China, to 11 years and 8 months in prison. UK authorities identified her as the mastermind behind a massive money laundering scheme primarily aimed at purchasing Bitcoin. Her accomplice, a Malaysian named Seng Hok Ling, was also sentenced to 4 years and 11 months in prison. British media described her as the "BitQueen" and a "Supervillain," highlighting the bizarre nature of the case.The Guardian


2｜The Largest Seizure in History: The Day 61,000BTC Moved

The symbol of the case is the 61,000BTC seized in 2018. The Metropolitan Police seized this holding as part of an asset laundering investigation. This was the largest cryptocurrency seizure in UK history, and its valuation ballooned to approximately 6.4 billion USD due to price surges in later years.InfoMoney


Part of this "historic seizure" involved suspicions arising during attempts to purchase real estate in London, leading authorities to track wallets and devices. Additionally, it was reported that the inflow of 8.2BTC into a monitored wallet in April 2024 was the decisive factor for the arrest.InfoMoney


3｜The Identity of the "Queen"──Aliases, Escape, and Extravagance

Qian used aliases such as Yadi Zhang and a passport from Saint Kitts and Nevis to move between Southeast Asia and Europe. In the UK, she rented luxury homes and continued her fugitive lifestyle by transferring funds into jewelry and real estate. She even devised a bizarre plan to become the "monarch" of the self-proclaimed nation of **"Liberland."**InfoMoney


4｜Investment Fraud in China──Extracting 128,000 People for 40 Billion Yuan

According to revelations in the UK court, between 2014 and 2017, Qian collected funds from approximately 128,000 people in China through unlicensed investment companies, amounting to **approximately 40 billion yuan (about 5.6 billion USD)**. The funds were primarily converted into Bitcoin and integrated into subsequent laundering schemes.InfoMoney


5｜Associated Figures: Connection to the Jian Wen Case

In the UK, Jian Wen has already been convicted for related money laundering, and in January 2025, a confiscation order (approximately 3.1 million pounds) was issued. This case indicates that even when Qian stepped back, funds continued to circulate through real estate and luxury goods within the UK.Crown Prosecution Service


6｜The Biggest Issue: To Whom Does the Seized Bitcoin Belong?

Simultaneously with the verdict, the heated debate was over the ownership of the 61,000BTC. While the UK government is creating a framework for victim compensation, there is also talk of possibly allocating a portion of the seized assets to the national treasury. 'The Times' reported that the Chancellor of the Exchequer is eyeing the "Bitcoin wealth" equivalent to approximately 5 billion pounds. Concurrently, civil disputes over the return to victims are expected to continue in the High Court.The Times


7｜Social Media Reactions: Three Sparks

① The "Victims First" Faction

Within the cryptocurrency community, a strong public opinion formed that "confiscated proceeds should first go to the victims." On Reddit threads, given the scale of over 120,000 victims, comments emphasizing that "the government's share should not be too large" were prominent.Reddit


② Concerns Over "Market Impact (Selling Pressure)"

The scale of 61,000BTC could have a significant impact on the market depending on how it is forcibly sold or managed by the treasury, leading to widespread fears of a "dump." In threads sharing the verdict news, discussions included "the need for transparency in the timing of sales" and "the necessity of phased releases."Reddit


③ Realistic Discussions on "Regulation and Governance"

On the other hand, there were "system-affirming" comments stating that "the largest seizure in history was possible due to the success of UK's investigative and judicial cooperation." Based on announcements from the Metropolitan Police and media reports, many appreciated the effectiveness of KYC/AML and international cooperation.Mynewsdesk


(Additionally, an Instagram post introducing the case also spread, with the ironic nickname **"Goddess of Wealth"** being mentioned.)Instagram


8｜Mechanism of the Case: Why "Buy and Hide" Was Effective

  • Source of Funds: Funds were collected through high-yield investments (essentially Ponzi/unlicensed) within China.Financial Times

  • Conversion: Funds were converted into Bitcoin, making them difficult to trace with distributed wallets.InfoMoney

  • Laundering: Funds were invested in real estate, jewelry, rent in the UK as "living expenses," creating an appearance of legitimacy.InfoMoney

  • Exposure: During the real estate purchase process, doubts about the source of funds led to professional reports and subsequent seizures.InfoMoney

9｜A Look Back at the Timeline

  • 2014–2017: Fundraising in China (approximately 40 billion yuan, 128,000 victims).Financial Times

  • 2017: Escape from China, traveling to Europe via Myanmar using aliases and forged passports.InfoMoney

  • 2018: 61,000BTC seized in London (largest in UK history).Mynewsdesk

  • April 2024: Arrested in York, Northern England.The Guardian

  • September 2025: Guilty plea.Mynewsdesk

  • November 11, 2025: Sentencing (11 years and 8 months).Financial Times

10｜Lessons for Investors: Three Red Flags

  1. Excessive Promised Returns: Products promising "guaranteed" high returns in the short term may actually be fund circulation schemes.##HTML_TAG_

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