The main suspect in the Blue Sky Ge Rui case denies money laundering charges in the UK, and the road to recovery for investors remains long.
Recently, the main suspect in the case of Blue Sky Ge Rui's illegal public deposit absorption appeared at the Southwark Crown Court in London and pleaded not guilty to charges of Bitcoin Money Laundering. This case involves a large number of victims and has drawn widespread attention.
Background of the Principal Offender and Case Progress
In March 2014, the main culprit and others registered an electronic technology company in Tianjin, promoting so-called "capital-protected high-yield" short-term financial products to the elderly. These products promised an investment period of 6-30 months, with annualized returns as high as 100%-300%. Through a pyramid scheme-like distribution, the company established dozens of branches nationwide, with over 100,000 victims.
The main suspect claims to hold a PhD from Tsinghua University, but investigations suggest this may not be true. There are reports that he studied in the United States, is proficient in finance, and requires a wheelchair due to a car accident. In 2016, the company held a promotional event in Beijing, where the main suspect attended in a wheelchair and shouted slogans such as "Three years for three generations of wealth."
In addition to being good at deceiving investors, the main culprit was also an early participant in the cryptocurrency field. In 2013, he opened a relatively large "mining farm" that provided mining machine hosting services. Subsequently, he requested the company to convert the funds raised into Bitcoin through certain platforms, preparing for subsequent transfers and Money Laundering.
Case Progress and Asset Disposal
In April 2017, the public security authorities initiated an investigation into the company. In June 2019, the Tianjin Public Security Bureau reported that 50 criminal suspects had been arrested. In February 2021, the company's legal representative and his assistant were tried, and the court found that the two had respectively participated in the illegal absorption of public deposits amounting to more than 40.2 billion yuan and 17.6 billion yuan. In September of the same year, the two were respectively sentenced to 10 years and 5 years of imprisonment.
The main suspect entered the UK under a pseudonym after the incident, carrying a cold wallet with a large amount of illegal funds in Bitcoin. According to audits, the company raised over 40.2 billion yuan, of which over 1.14 billion yuan was used to purchase Bitcoin. Currently, 128,000 Chinese investors are actively seeking to recover their funds, but they face multiple difficulties such as cross-border debt recovery, virtual currency ownership, and value conversion.
The Crown Prosecution Service in the UK has initiated civil recovery proceedings to freeze assets. If there are no other claimants, the assets will be evenly divided between the UK police and the Home Office for dealing with criminal proceeds and preventing further crime.
Investor Recovery Prospects
For domestic investors, recovering losses is not an easy task. The UK authorities stated that it is necessary to wait for the court ruling and then proceed with the recovery process based on the registered claims. This process could be quite lengthy, similar to the handling processes of other well-known cryptocurrency cases.
This case serves as a reminder for investors to be wary of high-return promises and not to fall into scams due to greed. When making any investment decision, one should maintain a rational and cautious attitude, and fully understand the associated risks.
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LuckyHashValue
· 07-31 18:12
It must feel so good to get into the game.
View OriginalReply0
OldLeekMaster
· 07-28 18:43
Just a bunch of suckers in the sucker tower.
View OriginalReply0
BearMarketNoodler
· 07-28 18:35
High-yield debts are repaid with low-yield funds.
View OriginalReply0
WalletsWatcher
· 07-28 18:19
After trapping someone, they just run away, same old trick.
View OriginalReply0
HodlNerd
· 07-28 18:16
classic game theory failure - greed exploits trust yet again tbh
The main suspect of the Blue Sky Ge Rui case is prosecuted for Money Laundering in the UK, and the road to compensation for 100,000 investors is long.
The main suspect in the Blue Sky Ge Rui case denies money laundering charges in the UK, and the road to recovery for investors remains long.
Recently, the main suspect in the case of Blue Sky Ge Rui's illegal public deposit absorption appeared at the Southwark Crown Court in London and pleaded not guilty to charges of Bitcoin Money Laundering. This case involves a large number of victims and has drawn widespread attention.
Background of the Principal Offender and Case Progress
In March 2014, the main culprit and others registered an electronic technology company in Tianjin, promoting so-called "capital-protected high-yield" short-term financial products to the elderly. These products promised an investment period of 6-30 months, with annualized returns as high as 100%-300%. Through a pyramid scheme-like distribution, the company established dozens of branches nationwide, with over 100,000 victims.
The main suspect claims to hold a PhD from Tsinghua University, but investigations suggest this may not be true. There are reports that he studied in the United States, is proficient in finance, and requires a wheelchair due to a car accident. In 2016, the company held a promotional event in Beijing, where the main suspect attended in a wheelchair and shouted slogans such as "Three years for three generations of wealth."
In addition to being good at deceiving investors, the main culprit was also an early participant in the cryptocurrency field. In 2013, he opened a relatively large "mining farm" that provided mining machine hosting services. Subsequently, he requested the company to convert the funds raised into Bitcoin through certain platforms, preparing for subsequent transfers and Money Laundering.
Case Progress and Asset Disposal
In April 2017, the public security authorities initiated an investigation into the company. In June 2019, the Tianjin Public Security Bureau reported that 50 criminal suspects had been arrested. In February 2021, the company's legal representative and his assistant were tried, and the court found that the two had respectively participated in the illegal absorption of public deposits amounting to more than 40.2 billion yuan and 17.6 billion yuan. In September of the same year, the two were respectively sentenced to 10 years and 5 years of imprisonment.
The main suspect entered the UK under a pseudonym after the incident, carrying a cold wallet with a large amount of illegal funds in Bitcoin. According to audits, the company raised over 40.2 billion yuan, of which over 1.14 billion yuan was used to purchase Bitcoin. Currently, 128,000 Chinese investors are actively seeking to recover their funds, but they face multiple difficulties such as cross-border debt recovery, virtual currency ownership, and value conversion.
The Crown Prosecution Service in the UK has initiated civil recovery proceedings to freeze assets. If there are no other claimants, the assets will be evenly divided between the UK police and the Home Office for dealing with criminal proceeds and preventing further crime.
Investor Recovery Prospects
For domestic investors, recovering losses is not an easy task. The UK authorities stated that it is necessary to wait for the court ruling and then proceed with the recovery process based on the registered claims. This process could be quite lengthy, similar to the handling processes of other well-known cryptocurrency cases.
This case serves as a reminder for investors to be wary of high-return promises and not to fall into scams due to greed. When making any investment decision, one should maintain a rational and cautious attitude, and fully understand the associated risks.