Specter Unveils $1.8B in Bitcoin Wallets Linked to Qian Zhimin Money Laundering Case

An on-chain analyst known as Specter has identified an additional group of Bitcoin wallets linked to the Qian Zhimin money laundering case. The wallets hold a combined 28,555 BTC valued at approximately $1.8 billion.

The analyst discovered that a dormant wallet transferred 1,020 BTC several weeks ago, splitting the funds across multiple addresses. This dispersion pattern is similar to techniques used in money laundering schemes to obscure illicit funds.

Specter's findings add to an already notable case involving authorities from both China and the UK. Qian Zhimin was sentenced to over 11 years in prison for laundering Bitcoin proceeds from an investment fraud that targeted approximately 130,000 individuals in China.

UK police had previously seized 60,000 BTC in connection with the case, marking one of the largest cryptocurrency seizures in law enforcement history. The movement of funds from dormant wallets often signals a change in control or an attempt to liquidate assets.