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In a high-profile case involving a massive cryptocurrency fraud, a British-Chinese woman, Jian Wen, has been sentenced to six years and eight months in prison for her role in laundering Bitcoin proceeds from a billion investment scam in China. Wen, aged 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 report, Qian is alleged to have defrauded around 130,000 investors in China, amassing a whopping billion through an investment scam. While Wen was not accused of direct involvement in the fraud itself, she was convicted of laundering the proceeds by converting the Bitcoin into cash and using the funds to purchase property, jewelry, and other luxury items. In 2018, UK
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In a high-profile case involving a massive cryptocurrency fraud, a British-Chinese woman, Jian Wen, has been sentenced to six years and eight months in prison for her role in laundering Bitcoin proceeds from a $6 billion investment scam in China.
Wen, aged 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 report, Qian is alleged to have defrauded around 130,000 investors in China, amassing a whopping $5 billion through an investment scam.
While Wen was not accused of direct involvement in the fraud itself, she was convicted of laundering the proceeds by converting the Bitcoin into cash and using the funds to purchase property, jewelry, and other luxury items.
In 2018, UK police seized over $2.2 billion worth of bitcoin related to the alleged fraud in a significant operation.
During the trial, Wen’s lawyer claimed that she had been “duped and used” by her boss, asserting that she was unaware of the criminal origins of the BTC she was handling.
However, the judge in Southwark Crown Court rejected these and stated directly that the evidence shows Wen had full knowledge she was laundering criminal proceeds.
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.