Core Points - The article discusses the fraudulent activities of Qian Zhimin, who established a company called "Lantian Ge Rui" in Tianjin in 2014, claiming to be a financial expert with exclusive rights to Bitcoin mining technology [1] - Qian Zhimin attracted over 120,000 investors and defrauded them of more than 43 billion RMB within three years by promising high returns and creating a facade of exclusivity and mystery [3][5] - The scheme involved fake investment projects with promised returns of 300% annualized, and the use of fabricated documents to lure investors [5][7] - Qian Zhimin managed to escape with 11.4 billion RMB in illegal gains, converting them into Bitcoin and fleeing overseas, eventually living a lavish lifestyle in the UK [9][11] - The case has been labeled as the largest virtual currency money laundering case in history, especially after the value of her Bitcoin holdings surged dramatically [11][13] - Victims of the fraud are struggling to recover their losses, with some having received partial compensation through domestic programs, while the return of the remaining assets faces legal complexities [14][16] Summary by Sections Company Background - Qian Zhimin founded "Lantian Ge Rui" in 2014, presenting herself as a financial expert with unique Bitcoin mining technology [1] - The company operated under a veil of secrecy, requiring investors to sign confidentiality agreements and surrender their phones [3] Fraudulent Activities - The scheme promised investors a return of 19 million RMB on a 6 million RMB investment over 30 months, with an annualized return exceeding 300% [5] - Qian Zhimin fabricated mining machine images and profit reports to enhance the appeal of her investment projects [5] - She falsely claimed connections with Bitcoin's creator, Satoshi Nakamoto, to attract larger investors [7] Financial Impact - Over the course of the scheme, Qian Zhimin attracted 43 billion RMB, with 34.1 billion RMB used to pay early investors to create a false sense of security [7] - After her escape, the value of her Bitcoin holdings increased significantly, reaching between 48 billion to 52.2 billion RMB [11] Legal Proceedings - Qian Zhimin was arrested in Birmingham in April 2024 after evading capture for several years [13] - Victims have faced challenges in recovering their investments, with some receiving partial compensation, while the return of the remaining assets is complicated by legal processes [14]