Bitcoin Money Launderer Sentenced To 6 Years Behind Bars In $6B Scam

A current report by the Monetary Occasions reveals {that a} British-Chinese language girl, Jian Wen, has been sentenced to 6 years and eight months in jail for her involvement in laundering Bitcoin (BTC) allegedly derived from a £5 billion fraud in China. 

Wen, aged 42, was convicted in March of 1 depend of cash laundering on behalf of her former boss, Yadi Zhang, a Chinese language girl. The sentencing happened at London’s Southwark Crown Courtroom on Friday.

London Mansion Raid Uncovers £3 Billion Bitcoin Stash

In response to the report, in 2018, London’s Metropolitan Police performed a raid on Wen and Zhang’s Hampstead mansion. In the course of the raid, they seized units containing a staggering 61,000 Bitcoin, presently valued at over £3 billion. Notably, this seizure marked one of many largest cryptocurrency hauls ever made by a regulation enforcement company worldwide. 

Authorities had initially investigated Wen regarding an tried buy of a London mansion utilizing Bitcoin. Prosecutors within the UK alleged that Wen’s former boss, Zhang, ran a £5 billion fraud scheme in China, leading to stolen funds.

Whereas Zhang’s lawyer has maintained her innocence, Wen was convicted of laundering a portion of the proceeds between 2017 and 2022 after two trials and acquittals on 10 different counts. You will need to observe that Wen was not implicated within the unique alleged fraud. 

Nonetheless, Choose Sally-Ann Hales, KC, emphasised that Wen had full data of coping with the proceeds of crime and described the offense as “subtle with important planning” concerned. 

Wen, who allegedly assisted in changing Bitcoin into money, jewellery, luxurious objects, and property, pleaded not responsible and persistently denied being conscious that her employer’s funds had been stolen.

Letter Urges UK-China Negotiations

Mark Harries KC, Wen’s lawyer, described her as a “fragile and determined girl” who was deceived and manipulated. Nonetheless, the decide disagreed with this characterization, stating that she didn’t take into account Wen a sufferer. 

Wen admitted to controlling a Bitcoin pockets however claimed ignorance concerning the cryptocurrency’s supply. The courtroom heard that Wen had not seen her 16-year-old son for 26 months and has been in custody since March 2022.

Between 2017 and 2020, Wen enlisted the help of a number of intermediaries to transform the cryptocurrency into numerous belongings. 

One such middleman was Michael James Burke, a Dubai-based property agent, who reportedly aided Wen in promoting Bitcoin by his corporations within the Seychelles and Switzerland and facilitated property purchases in Dubai. 

The Metropolitan Police is pursuing a civil restoration course of to grab the whole quantity of confiscated funds and is collaborating with Chinese language authorities on the matter.

“The Chinese language aspect has already engaged in worldwide regulation enforcement cooperation with the UK regarding this case,” said the Chinese language Ministry of Overseas Affairs in response to the Monetary Occasions. 

The ministry added that regulation enforcement companies from each nations are actively working collectively to pursue fugitives and get well belongings. Victims of the alleged £5 billion rip-off in China have additionally submitted a letter to the overseas ministry in Beijing, urging negotiations with the UK authorities to reclaim the Bitcoin bought with their cash.

As of press time, the most important cryptocurrency available on the market, BTC, is buying and selling at $68,150 after falling to consolidate above the important thing $70,000 milestone.

Featured picture from Shutterstock, chart from TradingView.com