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Crypto Queen Accomplice Sentenced for Bitcoin Laundering
Jian Wen was sentenced to six years and eight months in prison for her involvement in a Bitcoin (Bitcoin) conspiracy against money laundering.
On October 31, 2018, police raided Wen’s residence and found a wallet containing 61,000 Bitcoin, which was seized. Since then, the value of confiscated BTC has risen from £1.4 billion to over £3 billion ($4 billion).
Wen, 42, was reportedly enlisted by Yadi Zhang (also known as Zhimin Qian and nicknamed “Cryptocurrency Queen”) to act as a “front person” for the operation.
Zhang is accused of defrauding 130,000 Chinese investors of $5.6 billion between 2014 and 2017. reportedly arrested in the UK earlier this month.
Wen has attempted to buy prestigious properties in London, such as a £23.5 million mansion in Hampstead and a £12.5 million property with luxury amenities. These transactions resulted in anti-money laundering checks, leading to the purchases being canceled due to Wen’s inability to explain the provenance of the BTC.
During the trial, Wen said he was unaware of the illicit origin of the funds and was simply trying to improve his and his son’s lives. Prosecutors argued that she was driven by personal financial gain.
Wen was not charged with participation in the initial fraud.
Last March, a jury condemned Wen faces money laundering charges involving 150 BTC worth nearly £8 million ($10 million).
Judge Sally-Ann Hales revealed that more than 128,000 investors contributed 40 billion renminbi (about $5.6 billion) to the project.
“A portion of the proceeds from this fraud were converted into Bitcoin, transferred to a cryptocurrency wallet, and smuggled out of China using a laptop,” he explained.
Despite reporting an income of just £12,800 (about $16,200) in 2015 and £5,979 (about $7,600) in 2016, Wen moved into a six-bedroom property in London in 2017, paying more than £17,000 (about $21,600). dollars) per month.
Wen and his employer allegedly ran an international jewelry business, with Wen acting as a “front person.” They also financed Wen’s son’s move from China to the UK to attend private school and bought two properties in Dubai.
According to the CPS press release, Wen is guilty of converting “substantial sums” of Bitcoin into cash and other assets on behalf of his employer.
Cracking down on cryptocurrency money laundering
Crypto money recycling has had a significant impact on investors by undermining the integrity of the digital asset market.
Criminals exploit the relative anonymity of cryptocurrencies to launder the proceeds of various crimes, including cybercrime, fraud and theft
As crypto.news recently reported, Daren Li and Yicheng Zhang were arrested for laundering at least $73 million through shell companies linked to cryptocurrency investment schemes.
Their operation involved overseeing an international syndicate that laundered the proceeds of cryptocurrency investment scams.
Victims were tricked into transferring millions of dollars into U.S. bank accounts under the guise of shell companies.
Subsequently, the funds were moved to various domestic and international bank accounts and cryptocurrency platforms to obfuscate their origin, nature, ownership and control.
Li and Zhang are charged with conspiracy to commit money laundering and international money laundering, underscoring ongoing efforts to combat illicit activity in the cryptocurrency realm.