Commentary: London Trial of Bitcoin ‘Mastermind’ Is a Landmark Test for Global Justice
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Few narratives rival the sheer audacity of reality.
London in September, as autumn deepens. Southwark Crown Court is poised to become the epicentre of attention for lawyers and journalists alike in both China and the U.K.. Further details of the globally shocking Qian Zhimin billion-bitcoin money laundering case will be revealed during the trial that begins later this month. This will further sharpen debate on cross-border money laundering, the recovery of crypto assets, and the judicial and regulatory dynamics between China and the West in the digital currency era.
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- Between 2014 and 2017：
- Qian Zhimin orchestrated a Ponzi-style scheme through Tianjin Lantian Gerui Electronic Technology Co., Ltd., illegally raising approximately 43 billion yuan from nearly 130,000 victims in China.
- September 4, 2017：
- China's central bank and six other ministries issued the China Crypto Ban, which suspended all ICOs, deemed them illegal fundraising, and shut down domestic virtual currency trading platforms.
- 2017：
- Following the crypto ban, the Lantian Gerui scheme collapsed, defaulted on repayments, and Qian Zhimin fled China after converting funds into Bitcoin.
- Between 2018 and 2021：
- British police seized 61,000 Bitcoins in anti-money laundering investigations targeting Qian Zhimin's assistant Jian Wen.
- 18 December 2023：
- The High Court made a Property Freezing Order under s.245A of the Proceeds of Crime Act 2002 (POCA), prohibiting dissipation of assets related to Qian Zhimin’s case.
- April 2024：
- Qian Zhimin was apprehended in London.
- July 10, 2024：
- Wang Wu petitioned the High Court to wind-up Tianjin Lantian Gerui in the U.K.
- 18 September 2024：
- The Director of Public Prosecutions commenced civil recovery proceedings under Part 5 of POCA in the King’s Bench Division of the High Court.
- October 16, 2024：
- A hearing for the winding-up petition of Tianjin Lantian Gerui was scheduled in the High Court.
- October 22, 2024：
- The U.K. Crown Prosecution Service published a Notice to Victims of the Lantian Gerui Fraud, announcing delay in vesting property to allow victims time to bring claims.
- November 15, 2024：
- The adjourned hearing for the winding-up petition was scheduled. As of September 2025, no court ruling has been issued.
- January 10, 2025：
- After assessing Jian Wen’s proceeds of crime and available assets, a judge ordered her to pay over £3 million within three months or face an additional seven years in prison.
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