Chinese Woman Sentenced to Six Years for Laundering Billions in Bitcoin Fraud
CryptoNewsTerminal Staff24 May, 2024
Chinese Woman Sentenced to Six Years for Laundering Billions in Bitcoin Fraud
Jian Wen, a Chinese woman residing in London, was sentenced to six years and eight months in prison by the London Southwark Crown Court for aiding in the laundering of criminal funds through Bitcoin. Wen's involvement came to light when she attempted to purchase a luxury property in Hampstead, London, raising suspicions about the source of her funds. An investigation uncovered 61,000 bitcoins (approximately £3 billion) in her cryptocurrency wallet, which British authorities deemed criminal proceeds and seized. The amount seized represents the largest cryptocurrency confiscation in the UK's history. Wen's conviction stemmed from her assistance to Yadi Zhang, the mastermind behind a £5 billion (approximately 8.4355 trillion KRW) investment scam in China. Wen facilitated the laundering of stolen funds on three separate occasions. The court handed down the sentence in March, highlighting the increasing prevalence of cryptocurrency-related money laundering.
