**Qian Zhimin’s Massive Crypto Fraud Scheme: A 40 Billion RMB Deception**
Between 2014 and 2017, Qian Zhimin, also known as Yadi Zhang, orchestrated one of the largest cryptocurrency frauds in China, defrauding approximately 130,000 investors through elaborate financial schemes. Operating under the company Blue Sky Ge Rui, she promised “zero-risk, high-return” investment products, enticing individuals into schemes such as “Blue Sky Fund I” and “Yield with Coin.”
Through misleading promotions, Qian Zhimin raised over 40 billion RMB from 128,000 investors. The funds collected were used to purchase nearly 195,000 bitcoins, a staggering amount that significantly impacted the financial stability of her victims.
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**The Aftermath and Global Impact**
This massive scheme, which expanded deceitfully over three years, exposed the vulnerabilities of cryptocurrency when manipulated for fraudulent purposes. It also highlighted how crypto assets could be laundered across borders, necessitating stronger regulatory oversight.
In a landmark achievement, UK authorities successfully seized over 61,000 bitcoins linked to Qian Zhimin—marking the UK’s largest Bitcoin seizure to date. The Metropolitan Police emphasized the sophistication behind the case, noting, “Every crypto transaction leaves a trace.” This seizure showcases the effective collaboration among global law enforcement agencies tackling cross-border financial crimes involving cryptocurrencies.
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**Bitcoin’s Market Dominance Under Regulatory Scrutiny**
Qian Zhimin’s ambition was unprecedented: she aimed to amass 1% of Bitcoin’s total supply, nearly achieving this with her 194,951 BTC holdings. This scale is now comparable to some of the world’s largest cryptocurrency seizures.
As of November 16, 2025, Bitcoin (BTC) continues to dominate the cryptocurrency market, holding a 58.87% share according to CoinMarketCap. Priced at $95,630.18 USD, BTC experienced a slight increase of 0.06% over the past 24 hours. The trading volume stood at approximately $50.05 billion, reflecting significant market activity.
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This case underscores the critical importance of regulatory vigilance and international cooperation in combatting financial crimes in the rapidly evolving crypto landscape.
https://bitcoinethereumnews.com/bitcoin/qian-zhimins-major-bitcoin-fraud-uncovered/