Money Laundering Case Involving 60,000 Bitcoins: Over a Thousand Chinese Users Represented by Law Firm for Recovery, Current Case Value Approximately 48 Billion RMB

BlockBeats News, September 29th, according to Caixin report, multiple Chinese law firms have been commissioned to represent the Chinese investors of the Blue Sky Grid Group case to apply to the High Court of England for civil recovery of 60,000 bitcoins involved in a money laundering case. Law firms such as Ji Ren Law Firm, Duanhe Duan Law Firm, Yingke Law Firm, among others, collectively represent over a thousand clients.

The presiding judge in this case is Her Honour Judge Sally-Ann Hales KC, who holds considerable reputation and influence in the UK criminal justice sector. The lead barrister defending Qian Zhimin is Philippa Eastwood from Doughty Street Chambers. Based on market prices, the 61,000 bitcoins frozen in the UK are worth approximately 48 billion RMB.

Previously reported, the main suspect in the 60,000 Bitcoin money laundering case, Qian Zhimin, will stand trial today at the Southwark Crown Court in London. A Chinese investigating officer will personally testify in London, and multiple Chinese victims will testify via video link from a court in Tianjin, China. The trial is expected to last 12 weeks and conclude before Christmas. Qian Zhimin is accused of illegally raising about 43 billion RMB through a Ponzi scheme-like "investment financial management" product operated by Tianjin Blue Sky Grid Electronic Technology Co., Ltd. from 2014 to 2017, affecting 130,000 victims. This case is not only a landmark event in China's history of illegal fundraising but also one of the largest cryptocurrency money laundering cases in UK judicial history.