Let's first look at the Qian Zhimin case: this is the largest Bitcoin money laundering case in history.
Since 2014, she has been running a Ponzi scheme in Tianjin through her company 'Lantian Ge Rui', luring 128,000 people with a 300% high return, raising 40.2 billion yuan, and converting 1.14 billion yuan into 61,000 bitcoins.
After the 2017 fraud was exposed, she fled to the UK with a forged passport, triggering anti-money laundering alerts when she purchased a luxury home in London with Bitcoin in 2018, and the police seized related crypto assets. She evaded capture for a time until 2024 when a Bitcoin transfer revealed her whereabouts, leading to her arrest in York. In September 2025, she pleaded guilty in court, receiving a sentence of 11 years and 8 months, with all 61,000 bitcoins confiscated. This case confirms that Bitcoin's 'pseudo-anonymity' cannot obstruct on-chain tracing and cross-border regulation; using it to transfer illicit funds will ultimately result in losing both money and assets.
Plasma Public Chain and XPL Token: The Revolutionary Force of Stablecoin Payments
Against the backdrop of the surging demand for stablecoin payments in the crypto industry, the Plasma public chain positions itself as a 'Layer 1 exclusive stablecoin payment network,' paired with the innovative economic model of the native token XPL, quickly becoming a focal point in the industry. Since the Beta version of the mainnet went live in September 2025, it has attracted over $7 billion in stablecoin inflow within 48 hours, with XPL's market capitalization surpassing $2.4 billion. Its technological breakthroughs and ecological layout are reshaping the global digital payment landscape.
The core competitive advantage of the Plasma public chain originates from four major technological innovations: first, the PlasmaBFT consensus mechanism achieves sub-second transaction confirmations and 2000 TPS throughput, balancing speed and Byzantine fault tolerance security; second, the full-stack EVM compatibility supports seamless migration of Ethereum ecosystem components, lowering the threshold for developers; third, the native Bitcoin cross-chain bridge realizes minimal trust asset interoperability through main chain state verification, expanding BTC's DeFi application scenarios; and fourth, the innovative gas fee model allows stablecoin transfers with zero fees while supporting multi-asset payment of gas fees, significantly optimizing user experience.
The XPL token, as the native asset of the public chain, has a total supply of 10 billion coins, with 40% allocated for ecological development, and 25% each belonging to the team and investors (both set for long-term lock-up), with only 10% publicly issued. Its value support is reflected in three core functions: as a staking asset for validator nodes to ensure network security, providing staking rewards through an initial annual inflation of 5%; as a governance credential on-chain, empowering holders to participate in protocol decisions; and as a value settlement medium, requiring complex transactions to be directly paid in XPL, with a mechanism similar to EIP-1559 burning part of the gas fee, creating a deflationary balance.
In terms of ecological landing, Plasma secured $74 million in financing from top institutions like Founders Fund, with stablecoin liquidity breaking $2 billion within the first 24 hours post-mainnet launch, and over 100 DeFi protocols simultaneously entering, positioning its TVL among the top ten public chains globally. Meanwhile, the project has integrated with mainstream wallets and launched the Plasma One neobank product, penetrating mainstream financial scenarios with high-yield deposits and cashback credit card services.
Currently, while Plasma and XPL hold a first-mover advantage in the stablecoin payment sector, they still face challenges such as performance stability verification, competition from similar projects, and regulatory compliance.