Updates on the Lantian Gerui Case Involving RMB 43 Billion

Recently, the cross-border recovery issues surrounding the world's largest Bitcoin money laundering case - the Lantian Gerui case, where the mastermind behind the scheme embezzled 43 billion yuan from China - have once again come into focus.

On October 21, Yadi Zhang (also knowns as Zhimin Qian), a central figure in the Bitcoin money laundering case, appeared via video link at Southwark Crown Court in London. During the hearing, she denied all charges, including the illegal possession and transfer of cryptocurrencies. Her formal criminal trial is scheduled for September 2025.

On October 22, the Crown Prosecution Service (CPS) issued a Notice to Victims of the Lantian Gerui Fraud, stating that "the Director of Public Prosecutions (DPP) has commenced civil recovery proceedings in respect of property which has been seized in the UK from Yadi Zhang (also known as Zhimin Qian) (Zhang) and Jian Wen (Wen), and additional assets."

It is reported that the High Court formally registered the overseas winding-up petition filed by Chinese creditors against Lantian Gerui on July 10. At the most recent hearing on July 25, the British court agreed to serve the winding-up petition documents to Zhimin Qian.  According to the company liquidation procedures, fundraising participants can register their claims. Those whose claims are verified and approved may receive compensation from assets worth billions of RMB.  This requires the fundraising participants (or their heirs) to engage lawyers to prove their creditor status and register their claims.

We will continue to monitor the developments in the Lantian Gerui case and welcome fundraising participants with cross-border recovery needs to contact us.

Key Contact:

James Wang

Partner，Shanghai/Beijing

T：+86 21 8013 5204

E：james.wang@yaowanglaw.com