The UK¡¯s largest Bitcoin money laundering case involving a large number of Chinese investors has made recent progress.

On September 29, local time, China's Tianjin Blue Sky Grexit illegal fundraising case principal Wang Zhongming was tried in London's Southwark criminal court, during which he admitted related allegations about Bitcoin money laundering.

A blue sky victim confirmed the progress to the interface news, but they had no idea how much they could recover the loss next.

The British side will initiate confiscation proceedings in the light of the confession of money.The trial is expected to last 12 weeks.Many Chinese victims will testify in a remote video court in Tianjin.

This year¡¯s 47-year-old Wang Zemin (formerly Zhang Adhi, Flowers) pleaded guilty to all money laundering allegations at the trial on 21 October 2024. Her lawyer said: ¡°The Wang Zemin denies all criminal charges and intends to actively defend the case.¡±

The trial process of the case is very concerned, because Wang Xiaomin was also the culprit behind the illegal fundraising campaign in Tianjin Blue Sky 8 years ago, and the criminal gang led by her was accused of exchanging those funds for Bitcoin assets after fleeing to British consumption. Involved in which 12,8,000 Chinese investors have been actively pursuing repayment, but are always facing multiple difficulties such as cross-border debt pursuit, virtual currency ownership, value conversion.

The entrusted lawyer has helped the creditor submit a civil recovery application to the British High Court.

In this regard, the British Prosecutor¡¯s Office specifically informed the Chinese victims that the agency has initiated a civil recovery procedure for assets frozen by the British side from the money sensitive side, and will only engage in interstate contacts after the progress of the procedure is carried out to the extent provided for in Article 281 of the 2002 Criminal Income Recovery Act.

If no other individuals or entities claim the rights to the crime assets, half will be owned by the British police and the other half will be assigned to the British Ministry of the Interior in order to facilitate the processing of proceeds from crime and prevent further crime.

In 2017, China's seven ministries jointly called for the cessation of all kinds of token issuance financing activities. At the time, 8,600 illegal fundraising cases were investigated nationwide, and 50 cases of more than 100 million yuan were involved.

After the incident, Qian Zhimin escaped abroad through a forged passport from a Commonwealth country, and carried with him a laptop with an encrypted wallet, which contained Bitcoin transferred out in advance through his subordinate Huobi account.

After arriving in the UK, she hired a Chinese woman named Jiang Wen in London to help her travel across Europe, including Switzerland, Italy, Greece, with the aim of using illegal income for real estate, cars, jewelry and other commodities.

Meanwhile, the UK Financial Regulatory Authority began combating the crime of money laundering through cryptocurrency assets.In 2018, Cash and Winnie tried to buy a luxury home worth £23.5 million directly with Bitcoin, eventually attracted police attention because of the unknown history of the funds.

After being arrested by the police, Wang Zemin escaped in advance. The latterly planned to invest in Liberia, a small ¡°nation¡± of Eastern Europe not recognized by the international community, in order to be elected ¡°leader¡± locally, and to obtain diplomatic immunity after building Europe¡¯s largest Buddhist temple and airport.

London police repeatedly searched the two people and their homes during the new coronavirus and eventually froze 61,000 bitcoins under the 2002 Criminal Income Tracking Act, the largest in the country's history.

Britain's Crime Proceeds Recovery Act 2002 stipulates the criminal confiscation system for criminal proceeds as the object and the civil recovery for illegal proceeds as the object. On March 18, 2024, a jury found Wen Jian guilty of participating in money laundering, and the latter was subsequently sentenced to six years and eight months in prison.

Wang Zemin appeared for the first time in the Westminster district court on May 22 as Zhang Yadi, with Senghok Ling. There is no further public information about the latter's identity and details of the case.