The UK High Court held an asset disposal hearing from February 16 to 17 regarding the Blue Sky Grey money laundering case involving over 60,000 Bitcoins. More than 11,300 Chinese victims plan to submit claims for recovery, accounting for only about 8.8% of the total 128,409 victims. Under the UK Proceeds of Crime Act, all victims can register evidence and assert their recovery rights with the High Court before May 22, 2026.
Case Overview: From Illegal Fundraising in Tianjin to the UK’s Largest Bitcoin Money Laundering Case
Tianjin Blue Sky Grey Electronics Technology Co., Ltd. was officially established by the main suspect, Qian Zhiming, in March 2014. It set up seven sales regions across Beijing-Tianjin-Hebei, Northeast China, East China, South China, Central China, Northwest China, and Southwest China, promoting illegal financial products nationwide. From April 2014 to August 2017, Blue Sky Grey launched ten financial products, offering 1 to 3 times investment returns to illegally attract public deposits, involving over 128,000 victims.
In July 2017, Blue Sky Grey’s capital chain broke, and Qian Zhiming fled. In September of the same year, he entered the UK under the alias Zhang Yadi. UK police investigations revealed that during his time in the UK, Qian Zhiming engaged in large-scale Bitcoin transactions for money laundering, involving approximately 32 billion RMB. His purchase of luxury homes triggered anti-money laundering checks. In April 2024, Qian Zhiming was arrested in the UK and sentenced to 11 years and 8 months in prison. Over 60,000 Bitcoins have been frozen by UK authorities.
Qian Zhiming’s fraud activities date back even earlier. Court documents show that he led multi-level marketing activities in Hong Kong under the name “Hong Kong UBS International Group,” using the alias Li Xia, and was involved in a pyramid scheme case in Hefei, Anhui. He is a repeat offender of financial fraud.
UK High Court Procedure: Key Points for Victims’ Recovery
The hearing coincided with Chinese New Year’s Eve and the first day of the Lunar New Year in 2026, marking an important procedural stage for asset disposal. Under the UK Proceeds of Crime Act, victims can proactively register evidence with the court and claim recovery of frozen assets.
Key Data at a Glance
- Frozen Bitcoins: Over 60,000
- Money Laundering Involved: About 32 billion RMB
- Total Victims: 128,409
- Registered Claimants: Over 11,300 (about 8.8% of victims)
- Claim Registration Deadline: May 22, 2026
- Main Suspect Qian Zhiming’s Sentence: 11 years and 8 months by UK court
Currently, more than 91% of victims have not submitted recovery claims. Legal observers note that the May 22 deadline is critical for victims to secure their right to claim losses. Missing this registration could result in losing the opportunity to assert their claims within the UK legal framework.
Frequently Asked Questions
How did Blue Sky Grey’s illegal fundraising operate, and why did over 120,000 victims fall for it?
Blue Sky Grey promoted ten financial products across seven sales regions nationwide, offering high returns of 1 to 3 times. Main suspect Qian Zhiming claimed to hold dual doctorates from Tsinghua University and studied in the US to establish credibility. Between 2014 and 2017, Blue Sky Grey attracted over 128,000 victims. After the capital chain broke in 2017, the main suspect fled.
How does the UK Proceeds of Crime Act protect Blue Sky Grey victims’ recovery rights?
The UK Proceeds of Crime Act allows victims of criminal cases to register evidence with the court and claim recovery of frozen assets. In this case, victims must complete registration with the UK High Court before May 22, 2026, to maintain their legal right to recover losses during subsequent asset disposal procedures.
What will happen to the frozen 60,000 Bitcoins, and how will they be distributed to victims?
The distribution will be decided by the UK High Court based on the number of registered victims, each person’s loss proportion, and relevant legal considerations. Details are pending judicial procedures. Since only 8.8% of victims have registered, the final distribution outcome will be significantly influenced by the total number of registrants.
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