Bitcoin
Chinese-British woman sentenced to 6 years for laundering Bitcoin in $6 billion scheme
In a high-profile case involving a massive cryptocurrency fraud, an Anglo-Chinese woman, Jian Wen, was sentenced to six years and eight months in prison for her role in laundering Bitcoin proceeds from a $6 investment scheme. billion in China.
Wen, 42, was found guilty in March of laundering Bitcoin on behalf of her former boss, Yadi Zhang, whose real name is Zhimin Qian.
According to a recent reportQian allegedly defrauded around 130,000 investors in China, amassing a whopping $5 billion through an investment scam.
Although Wen was not charged with direct involvement in the fraud itself, she was convicted of money laundering by converting Bitcoin into cash and using the funds to purchase property, jewelry and other luxury items.
In 2018, UK police seized more than $2.2 billion worth of bitcoins related to alleged fraud in a significant operation.
During the trial, Wen’s lawyer claimed that she had been “deceived and used” by her boss, stating that he had no knowledge of the criminal origins of the BTC she handled.
However, the judge at Southwark Crown Court rejected them and stated directly that the evidence showed that Wen was fully aware that he was laundering the proceeds of crime.
The judge also highlighted the complex and premeditated nature of Wen’s money laundering operation.
With criminal entities increasingly using cryptocurrencies to disguise and transfer illicit assets, UK authorities have vowed to crack down on such activities, with the lead investigator stating that they will “leave no stone unturned” to catch criminals exploiting cryptocurrencies for illegal purposes.