A British-Chinese woman, Jian Wen, has been sentenced to six years and eight months in prison for laundering Bitcoin linked to a $6 billion investment scam in China. Wen, 42, was convicted in March for her role in converting illicit Bitcoin proceeds into cash and luxury items.
The Mastermind Behind the Scam
Wen laundered Bitcoin for her former boss, Yadi Zhang, whose real name is Zhimin Qian. Qian allegedly defrauded around 130,000 investors in China, accumulating an enormous $5 billion through the scam.
Though Wen wasn’t directly involved in the fraud, she was found guilty of laundering the proceeds. She converted the Bitcoin into cash and used it to buy property, jewelry, and other luxury goods. In 2018, UK police seized over $2.2 billion worth of Bitcoin related to the scam.
Court Proceedings and Defense Claims
During the trial, Wen’s lawyer argued that she had been “duped and used” by Qian, claiming she was unaware of Bitcoin’s criminal origins. However, the judge at Southwark Crown Court rejected this defense, stating that the evidence clearly showed Wen knew she was laundering criminal proceeds. The judge emphasized the complex and premeditated nature of her money laundering activities.
Crackdown on Cryptocurrency Crime
With the growing use of cryptocurrencies to hide and transfer illegal assets, UK authorities have pledged to intensify their efforts against such activities. The lead investigator in Wen’s case promised to “leave no stone unturned” in their pursuit of criminals exploiting cryptocurrencies for illegal purposes.
