Suspected Zhimin Qian Wallet Cluster Holds 28,600 BTC Worth $1.8B

On-chain analysis links a dormant wallet cluster holding 28,600 BTC to the Zhimin Qian fraud case. Recent activity of 1,020 BTC suggests potential movement of previously seized or hidden assets.

Woofun AI reports that on-chain detective Specter identified a wallet cluster holding 28,600 BTC, valued at approximately $1.8 billion, with suspected ties to the Zhimin Qian money laundering case. A Bitcoin wallet dormant since 2017 recently transferred 1,020 BTC, worth about $60 million, distributing funds in patterns consistent with laundering activities.

Specter traced these transactions to addresses linked to UK investigations into Zhimin Qian, who orchestrated investment fraud affecting over 128,000 victims between 2014 and 2017. The Met Police previously seized 60,000 BTC, the largest cryptocurrency seizure in UK history at that time. The identified wallets have remained largely dormant since June 2021, when UK authorities transferred seized assets. It remains unclear whether the current holders are the original actors, custodians, or law enforcement.