Major progress in the Blue Sky Grey case: the victim return registration channel is open!
Recently, Qian Zhimin, the mastermind behind the Blue Sky Greed case, pleaded guilty in the United Kingdom, bringing the massive Bitcoin assets—worth as much as £5.5 billion—into a critical phase for their disposition. To assist the vast number of Chinese victims in recovering their losses through legal channels, Zhiheng will rely on and Strategic partner Silk Law, a UK-based consultancy, and His Royal Majesty’s Counsel Philip Hackett KC. The strategic partnership established by the top-tier team led by has launched the “Blue Sky Greer Case – UK Asset Recovery Initiative,” and is now opening rights registration to all victims.
Please fill out the registration form at the end of the article after reading.。
Case Progress Update
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From 2014 to 2017, Tianjin Lantian Gerui Electronic Technology Co., Ltd. perpetrated a large-scale investment fraud scheme, with the number of victims exceeding128,000 peopleChinese investor. The mastermind behind the scam, Qian Zhimin (also known as Zhang Yadi), converted the stolen funds into Bitcoin and fled to London under a false identity.
In 2018, the London Metropolitan Police seized items containing at least61,000 piecesBitcoin's equipment has becomeThe largest cryptocurrency seizure in UK history。
The mastermind, Qian Zhimin, was arrested in April 2024 and is currently in custody. The UK authorities have, under the civil recovery framework, placed an asset freeze on approximately 61,000 bitcoins linked to the Bluefin‑Grizzly case, preventing their transfer or disposal. The case was heard at Southwark Crown Court on September 29, 2025, during which Qian Zhimin pleaded guilty. He is currently awaiting sentencing, and the UK authorities will initiate proceedings to confiscate his assets.
On October 15, 2025, the High Court, in civil recovery proceedings,First discussion on establishing a special compensation scheme for Chinese victims marks the entry of asset repatriation into a new phase. The sentencing hearing for Qian Zhimin is scheduled to take place from November 10 to 11, 2025. The UK’s Crown Prosecution Service has made it clear that it will, within a “reasonable timeframe,” suspend the process of transferring assets to state ownership, thereby allowing victims to assert their rights.Critical Window Period。
Next step
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As a law firm with deep expertise in cross-border legal services, Zhiheng has already established and consolidated the foundation for handling such complex international legal matters:
Cross-border services, efficient and reliable. Zhiheng has established a deep strategic partnership with Silk Law, a UK-based consulting firm, and has jointly hosted high-profile international commercial law conferences on multiple occasions. Through this channel, we have established an efficient line of communication with Philip Hackett KC, a King’s Counsel of the United Kingdom.
Signing Ceremony for the Strategic Cooperation Agreement between Zhiheng and Silk Road Consulting (UK)
The former hall of the Middle Temple, one of the four Inns of Court in England (indicated by the blue marker)Mr. Philip Hackett is a Senior Counsel of the Middle Temple.
Left: Xi’an Executive Director of Zhiheng, Lü Yaxin
Right:Mr. Philip Hackett, Queen’s Counsel of the United Kingdom
Zhiheng’s Xi’an Executive Director, Lü Yaxin, participated in the meeting.
Top-tier resources, professional assurance. The Zhiheng legal team will ensure that your application meets the stringent standards of the UK courts and can effectively advance the proceedings.
Mr. Philip Hackett, Queen’s Counsel of the United Kingdom
Senior Advisor at Silk Law in the United Kingdom, King’s Counsel of the Privy Council of the United Kingdom, Chairman of the Geneva International Dispute Resolution Institute, Legal Director of the Swiss Chinese Law Association, Member of the International Advisory Board of the African Mediation Association, Arbitrator at the Guangzhou Arbitration Commission, and Member of the Senior Committee of AIFOD, a non-governmental organization affiliated with the United Nations.Philip Hackett Sir, please issue a brief comment on this case:
The English prosecuting authorities have seized £5.5 billion worth of crypto assets in connection with a fraud that was perpetrated on investors in China between 2014 and 2017. The matter has come before the English courts and is subject to the jurisdiction because one of the criminals who controlled the fraud and the stolen assets was arrested in England in possession of a computer that accessed the proceeds of the fraud. This individual has pleaded guilty and it now falls to the English courts to deal with the £5.5 billion of assets. The English prosecutor has applied to the civil division in the High Court in London under section 281 of the proceeds of crime act to vest the property in a civil recovery order. The property can then be distributed, in various different ways, but these include compensation claims from victims who may apply to the court. The English court has very strict procedural requirements about how such a claim should be made and it must be made in the proper format as prescribed in the court rules.The court also has a very high standard of evidential rules and the victim will have to provide appropriate proof of their loss in documentary and personal evidence in accordance with the conventions of the English court.
Chinese Translation:
British prosecutors have seized £5.5 billion in crypto assets linked to a fraud scheme that targeted Chinese investors between 2014 and 2017. This case falls under the jurisdiction of the English courts because one of the principal perpetrators who orchestrated the fraud and controlled the illicit proceeds was arrested in the United Kingdom, and the computer he possessed contained records of access to the funds involved. The defendant has pleaded guilty, and the authority to dispose of assets totaling £5.5 billion currently rests with the British courts.
Pursuant to Section 281 of the Proceeds of Crime Act, the UK Prosecutor has applied to the Civil Division of the High Court of Justice in London to bring the assets in question under the jurisdiction of a civil recovery order. Subsequent assets may be distributed through various channels, including by processing victims’ claims for compensation filed with the court. English courts have strict procedural requirements for such claims, and the supporting documents must fully comply with the format prescribed by the Rules of the Court.
At the same time, English courts strictly adhere to the rules of evidence, and victims are required, in accordance with English judicial practice, to furnish substantiated proof of their losses through both documentary and oral evidence.
Bilingual service, removing barriers.. Our bilingual Chinese-English team ensures seamless communication, offering end-to-end bilingual services—from case assessment and evidence preparation to document translation and the submission of a claim to the UK court—completely eliminating language and cultural barriers for you.
Recommended Actions for Victims
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We must clearly recognize that missing the window of opportunity means forfeiting our rights. Once the claims channel at the UK court is closed, the assets will enter an irreversible forfeiture process, making it extremely unlikely that individuals will be able to recover them. Please fill it out immediately. “Blue Sky Greed Victims’ Rights Registration Form”, secure your claim spot!
Scan the QR code to fill out the registration form.
Contact Us
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Contact phone number
Ms. Dong:18688781559(WeChat ID)
Contact email: dongzhixin 1210@163.com
Zhiheng Advantage
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1. Zhiheng has many years of extensive experience in handling foreign-related cases and has establishedSeveral overseas law firms, capable of providing clients with cross-border legal support.
2. Zhiheng has established a dedicated“ Zhiheng Web3 Research Institute, focuses on providing cutting-edge legal solutions for DAOs, Bitcoin, and other blockchain-related fields.
3. Zhiheng Hong Kong is the largest Chinese law firm in Hong Kong., Our service network spans multiple jurisdictions worldwide and is equipped to provide legal services across different legal systems.
4. Zhiheng has the second facility of its kind nationwide.Sino-Foreign Joint Venture Office The Guangdong
–Squire Patton Boggs (Qianhai) Joint Office facilitates efficient coordination and resource integration for cross-border cases.
5. Provided by ZhihengMultilingual Legal Services, effectively assists clients in overcoming language communication barriers.
6. Zhiheng relies on“ Zhiheng International Center, by integrating professional resources from across the country and around the world, we have built a platform-based service system to provide clients with comprehensive support.
Disclaimer: This article is based on publicly available information from the UK courts and the most recent materials obtained by us from our collaborating UK law firm, and does not constitute formal legal advice. The outcome of a case is influenced by numerous factors, and we do not make any guarantees regarding the result of any particular case. We recommend that you contact us for a consultation as soon as possible.
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