#英国高院裁定钱志敏案适用中国法 # The UK High Court has ruled that Chinese law applies to the Qian Zhimin case—this is unbelievable!
Just how remarkable is Qian Zhimin? She scammed people through a pyramid scheme and somehow amassed 61,000 bitcoins!
From 2014 to 2017, she founded “Lantian Gerei” in Tianjin, using promises of high returns to illegally raise a total of 40.2 billion yuan from more than 128,000 investors.
She then used more than 1 billion yuan of the money to buy bitcoin before fleeing to the UK.
In London, she hired an ethnic Chinese food delivery worker as her assistant and lived a lavish lifestyle. She even planned to use bitcoin to buy a £23.5 million mansion with a swimming pool and private cinema. But when she could not provide a reasonable explanation for where the money came from, she attracted the attention of UK anti-money laundering authorities. Police eventually seized around 61,000 bitcoins.
Even more astonishingly, after her assistant was arrested, Qian Zhimin continued evading capture in various parts of the UK and Europe for years. She was not arrested until 2024.
But what is truly heartbreaking is the victims who were defrauded.
The UK High Court has now ruled that Chinese law applies to the property issues in question. How much the victims will ultimately be able to recover remains subject to further legal proceedings and specific rulings.
The most painful part is that the money stolen from victims was converted into bitcoin, which has risen sharply in value over the years. If any eventual compensation is calculated primarily based on the original losses and relevant interest, victims may not benefit from bitcoin’s appreciation.
The fraudster bet other people’s hard-earned money on bitcoin and won, while the victims are still struggling to get their savings back.
That is the most ironic part of the whole case. How much bitcoin has risen is one thing; what everyone should really be focused on is how to ensure the victims receive fair and reasonable redress.$BTC
Just how remarkable is Qian Zhimin? She scammed people through a pyramid scheme and somehow amassed 61,000 bitcoins!
From 2014 to 2017, she founded “Lantian Gerei” in Tianjin, using promises of high returns to illegally raise a total of 40.2 billion yuan from more than 128,000 investors.
She then used more than 1 billion yuan of the money to buy bitcoin before fleeing to the UK.
In London, she hired an ethnic Chinese food delivery worker as her assistant and lived a lavish lifestyle. She even planned to use bitcoin to buy a £23.5 million mansion with a swimming pool and private cinema. But when she could not provide a reasonable explanation for where the money came from, she attracted the attention of UK anti-money laundering authorities. Police eventually seized around 61,000 bitcoins.
Even more astonishingly, after her assistant was arrested, Qian Zhimin continued evading capture in various parts of the UK and Europe for years. She was not arrested until 2024.
But what is truly heartbreaking is the victims who were defrauded.
The UK High Court has now ruled that Chinese law applies to the property issues in question. How much the victims will ultimately be able to recover remains subject to further legal proceedings and specific rulings.
The most painful part is that the money stolen from victims was converted into bitcoin, which has risen sharply in value over the years. If any eventual compensation is calculated primarily based on the original losses and relevant interest, victims may not benefit from bitcoin’s appreciation.
The fraudster bet other people’s hard-earned money on bitcoin and won, while the victims are still struggling to get their savings back.
That is the most ironic part of the whole case. How much bitcoin has risen is one thing; what everyone should really be focused on is how to ensure the victims receive fair and reasonable redress.$BTC