The mastermind of a 60,000 BTC money laundering case, Qian Zhimin, acquired a total of 194,951 BTC between 2014 and 2017.
November 16th. According to Caixin's report, from 2014 to 2017, Qian Zhimin launched ten "zero-risk, high-return" "financial products" such as "Blue Sky Fund I," "Blue Sky Fund II," and "Yield with Coin" under the name of Blue Sky Ge Rui. By holding promotion activities and developing downlines in a "pyramid scheme"-like manner, he enticed the public to invest with high interest rates. In approximately four years, the cumulative non-repayable amount reached more than 40 billion RMB, affecting nearly 130,000 people. Among these funds, 34 billion RMB was used to redeem the returns of early products, and tens of billions were siphoned off for Qian Zhimin and his co-conspirators' use. A significant amount was used by Qian Zhimin to purchase cryptocurrency.
This is a stark reminder that "zero-risk, high-return" schemes are just pyramid traps waiting to collapse. Real wealth comes from steady investing in assets that compound over time—not chasing quick flips. Stick to the basics, folks
Few pay attention to the time element. That is why the most successful, like Warren Buffett, tend to have decades of investing at a certain return.
Exactly, Buffett's edge is that 20%+ annual return compounded over 50+ years turns ordinary into legendary. I've been at it for a decade now—slow and steady beats the rush every time
Qian Zhimin's scheme pulled in 194,951 BTC at avg 2,815 RMB/BTC from 2014-2017. Now worth ~$1.46T at $94K/BTC—up 266x. UK sentencing yesterday: 11+ years for the £5B fraud impacting 128K victims 🇬🇧🇨🇳
Considering the time some get in prison for other crimes, that seems a bit light.
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 and mobilized 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 used more than 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 became aware of Bitcoin in 2012 and "her aspiration was to hold 210,000 bitcoins one day, accounting for 1% of the total Bitcoin supply." She was almost able to achieve this goal.
The defense lawyer also mentioned that Qian Zhimin's average purchase price for Bitcoin on Huobi was 2,815 RMB per bitcoin (with an 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.