Analysts have disclosed a cluster of 28,555 Bitcoin wallets associated with the Qian Zhimin case, with a total value of approximately $1.8 billion.

On-chain investigator Specter disclosed that a wallet cluster holding approximately 28,555 Bitcoin (BTC, valued at ~$1.8 billion) has been identified, and it is possibly linked to the 60,000 BTC money laundering case involving Qian Zhimin. Weeks ago, a Bitcoin wallet dormant since 2017 suddenly transferred 1,020 BTC (worth ~$60 million) and began dispersing the funds across multiple addresses, exhibiting typical money laundering patterns. After tracing these transactions, analysts locked onto an on-chain wallet cluster connected to addresses previously tied to Qian Zhimin’s case by UK law enforcement. Qian Zhimin perpetrated large-scale investment fraud in China between 2014 and 2017, defrauding over 128,000 investors. UK authorities subsequently traced the flow of crime proceeds converted into Bitcoin, and the Metropolitan Police ultimately seized 60,000 BTC in the largest cryptocurrency seizure in UK history. In July 2021, UK authorities transferred the seized Bitcoin, creating identifiable on-chain address links. Based on on-chain evidence, analysts noted it is currently impossible to determine if these wallets remain controlled by the same actors, have been transferred to other custodians, or have already been identified by law enforcement.