Bitcoin Money Launderer Found Guilty in London Court

Bitcoin Money Launderer Found Guilty in London Court

Mar 20 Tech Standard

A woman named Wen Jian was recently convicted of money laundering in a London court. She is accused of helping to hide the source of funds stolen from nearly 130,000 Chinese investors in a massive fraud scheme.

Massive Fraud and Bitcoin Connection

Prosecutors allege the fraud, masterminded by a woman known as Zhang Yadi, totaled a staggering £5 billion ($6.3 billion). The stolen money was converted into Bitcoin, a cryptocurrency, to move it out of China. Wen Jian is accused of assisting with converting the Bitcoin back to cash and property, essentially laundering the money.

Largest Crypto Seizure by UK Police

As part of the investigation, British authorities seized a massive amount of Bitcoin – over 61,000 coins, making it one of the biggest cryptocurrency seizures ever by law enforcement globally. This seized Bitcoin was valued at around £1.4 billion at the time and has since appreciated to over £3 billion.

Wen Jian's Defense and Conviction

Wen Jian, 42, denied any wrongdoing. She claimed Zhang told her she was wealthy and that Wen was unaware of any criminal activity. Despite her defense, she was found guilty of one count of money laundering. The jury remained deadlocked on two other charges, which prosecutors have chosen not to pursue.

Awaiting Sentencing

Wen Jian will be sentenced next month for the single count of money laundering. The case highlights the growing use of cryptocurrency in financial crimes and the challenges law enforcement faces in tracking and seizing these digital assets.


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