The largest Bitcoin money laundering case! The mastermind is of Chinese descent, who will be responsible for the 120,000 Chinese victims?

Chinese delivery worker Wen Jian has made headlines in the UK due to his Bitcoin account containing 30 billion RMB, which comes from the fraud of 120,000 Chinese investors by Blue Sky Grey Company.

In 2014, Blue Sky Grey claimed to focus on Bitcoin mining and wealth management, forging mining equipment, organizing fake mining site tours, and promising a 300% return rate, attracting a large number of investors. Over three years, they raised 45.5 billion RMB. When China tightened regulations in 2017, Qian Zhiming used Bitcoin's anonymity and decentralization to escape to the UK with a fake passport, adopting the alias 'Zhang Yadi'.

She hired Wen Jian as a personal steward, providing a high salary, luxury cars, mansions, and top educational resources for children. Wen Jian's lifestyle change attracted the attention of the British police, leading to an investigation starting in 2018. In 2021, police searched his residence again and found keys that unlocked 61,000 Bitcoins (approximately 4 billion dollars), marking the largest seizure of virtual assets in British police history.

There are disputes over the ownership of the Bitcoins in the case. UK law considers them as criminal proceeds that can be disposed of by the government, which is hard for the Chinese victims to accept. The decentralization of Bitcoin makes recovery difficult, as transactions are not real-name verified and transfers are complex. The differences in legal systems between the two countries have also led to a deadlock, and to this day, the victims have not seen hope of recovering their funds. This incident highlights the misuse of technology, the difficulty of judicial oversight to keep up, and serves as a warning to investors that high returns often come with high risks. The future of Bitcoin needs stricter regulation and international cooperation to find a way out.

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