Chinese investors fight to reclaim 61,000 BTC is the centerpiece of a high-stakes legal battle after British authorities seized the largest cryptocurrency haul in U.K. history. The case involves Qian Zhimin (aka Zhang Yadi), accused of orchestrating a multibillion-yuan fraud in China and converting investor funds into Bitcoin before her flight to the U.K.
Between 2014 and 2017, Qian Zhimin, a Chinese businesswoman, raised some 43 billion yuan (around $6 billion) by selling so-called high-return investment products under the banner of Tianjin Lantian Gerui Electronic Technology. She allegedly converted much of this capital into crypto assets. In 2017 she fled China and settled in the U.K. to evade scrutiny.
Guilty Plea & Conviction in London
On 29 September 2025, Qian pleaded guilty in a Southwark Crown Court to two charges under the Proceeds of Crime Act: possessing and acquiring criminal property in the form of Bitcoin. Her associate, Wen Jian, had already been convicted in 2024 and sentenced to nearly seven years for laundering parts of the scheme.
Record Crypto Seizure: 61,000 BTC
The Metropolitan Police seized 61,000 Bitcoin during a 2018 raid on devices found in a Hampstead property linked to Qian. At the time, this seizure is regarded as one of the largest cryptocurrency confiscations globally.
Legal Hurdles in Linking Claims to Seized Bitcoin
Victim lawyers continue to struggle to prove a direct link between Chinese investors’ funds and the seized coins. Jack Ding, representing some 10,000 victims, has said that critical materials lack clarity or traceability. The transnational and layered nature of blockchain transfers and exchanges further complicates efforts to trace funds definitively.
Civil Recovery Battle & U.K. Government’s Role
A civil recovery case was filed in the U.K. High Court in September 2024, set for hearings in January 2026, to determine how the recovered assets will be distributed. Meanwhile, reports suggest the U.K. government is weighing whether to keep a substantial portion of the seized Bitcoin — possibly £6.4 billion worth — rather than returning the full market value to victims. Under existing rules, only the original value of the investment (not speculative gains) may be returned, increasing the stakes of the judicial determination.
Scope of Victims & Recovery Complexity
An estimated 128,000 investors in China were defrauded in Qian’s scheme. Many are small investors unfamiliar with cryptocurrency, making collective coordination, documentation, and claims filing a logistical challenge. The disparity in legal systems and evidentiary standards between China and the U.K. adds another layer of complexity to cross-border recovery.
Emerging Trend: Violence Against Crypto Holders
Amid the legal battle, cryptocurrency holders globally are facing a disturbing rise in physical attacks. According to data tracked by CASA co-founder Jameson Lopp, 35 new violent incidents globally have been reported since late February — a 169% increase over roughly six months — coinciding with bullish crypto markets.
Why It Matters
This case is not only about recovering money — it is a test of global cooperation in financial crime enforcement, blending cryptocurrency tracing, international law, and victim rights. The outcome will send signals about how governments balance confiscation, restitution, and public interest in major crypto fraud cases.
