The mastermind of a 60,000 BTC money laundering case, Qian Zhimin, acquired a total of 194,951 BTC between 2014 and 2017.
BlockBeats News, November 16th. According to Caixin's report, from 2014 to 2017, Qian Zhimin used the name of Blue Sky Ge Rui to launch ten "zero-risk, high-return" "financial products" such as "Blue Sky Fund I," "Blue Sky Fund II," and "Yield with Coin." Through holding promotion events and developing downlines in a "pyramid scheme"-like manner, he enticed the public to invest with high interest rates. In about four years, the cumulative non-repayable amount reached over 40 billion RMB, affecting nearly 130,000 people. Out of these funds, 34 billion RMB was used to redeem early products' returns, tens of billions were siphoned off for Qian Zhimin and his co-conspirators' use, with a significant amount used by Qian Zhimin to purchase cryptocurrency.
From a UK court, it was learned that in June 2014, Qian Zhimin instructed his "front person" to open an account for him on the cryptocurrency exchange platform Huobi using investor funds, mobilizing 180 million RMB to purchase 100,250 bitcoins. Subsequently, the account's bitcoin holdings increased to 143,951 bitcoins. Between January and June 2017, she again used over 468 million RMB of investor funds to purchase 51,000 bitcoins through over-the-counter trading. Thus, Qian Zhimin accumulated a total of 194,951 bitcoins.
Qian Zhimin's defense lawyer stated that she first learned about Bitcoin in 2012 and "her ambition was to one day hold 210,000 bitcoins, accounting for 1% of the total Bitcoin supply." She almost achieved this goal. The defense lawyer also mentioned that Qian Zhimin's average purchase price for Bitcoin on Huobi was 2,815 RMB per bitcoin (unknown statistical basis). However, on the day of her sentencing in the UK, the price of Bitcoin had surged 266 times to 750,000 RMB per bitcoin.
You may also like

Vitalik wrote a proposal teaching you how to secretly use AI large models

On the eve of the explosion of on-chain options

WEEX AI Hackathon: How Did This AI Trading Winner Succeed?
A self-taught AI trading enthusiast achieved top-10 results at the WEEX AI Hackathon. Learn about the mindset, AI tools, and lessons behind this impressive performance.

One Balance to Rule Them All: Gravitas' On-Chain Prime Broker Ambition

That person who cashed out at the NFT peak is now selling a new shovel in the OpenClaw craze

Inter-generational Prisoner's Dilemma Resolution: The Nomadic Capital and Bitcoin's Inevitable Path

Upstream and downstream are starting to fight, all for the sake of everyone being able to "Lobster"

Circle and Mastercard Announce Partnership, the Next Stage for the Crypto Industry Belongs to Payments

From 5 Mao per kWh of Chinese electricity to a $45 API export: Tokens are rewriting currency units

Why is OpenAI playing catch-up to Claude Code instead?

Vitalik wrote a proposal teaching you how to secretly use AI large models

The doubling of Circle's stock price and the paradigm shift of stablecoins

Key Market Information Discrepancy on March 13th - A Must-See! | Alpha Morning Report

On-Chain Options Explosion.ActionEvent

《Time》 Magazine Names Anthropic as the World's Most Disruptive Company

Predictions market gains mainstream traction in the US, Canada, Claude launches Chart Interaction feature, What's the English community talking about today?

500 Million Dollars, 12 Seconds to Zero: How an Aave Transaction Fed Ethereum's "Dark Forest" Food Chain

AI Agent needs Crypto, not Crypto needs AI
Vitalik wrote a proposal teaching you how to secretly use AI large models
On the eve of the explosion of on-chain options
WEEX AI Hackathon: How Did This AI Trading Winner Succeed?
A self-taught AI trading enthusiast achieved top-10 results at the WEEX AI Hackathon. Learn about the mindset, AI tools, and lessons behind this impressive performance.