According to CryptoPotato, a British-Chinese woman named Jian Wen has been sentenced to six years and eight months in prison for her involvement in laundering Bitcoin proceeds from a $6 billion investment scam in China. The 42-year-old was found guilty in March of laundering Bitcoin for her former employer, Yadi Zhang, also known as Zhimin Qian. Qian is accused of defrauding approximately 130,000 investors in China, amassing around $5 billion through an investment scam.
Wen was not directly involved in the fraud, but she was convicted of laundering the proceeds by converting the Bitcoin into cash and using the funds to buy 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 argued that she had been 'duped and used' by her boss and was unaware of the criminal origins of the Bitcoin she was handling. However, the judge at Southwark Crown Court dismissed these claims, stating that the evidence showed Wen was fully aware she was laundering criminal proceeds. The judge also emphasized the complex and premeditated nature of Wen's money laundering operation.
As criminal entities increasingly use cryptocurrencies to hide and transfer illicit assets, UK authorities have pledged to intensify their efforts to combat such activities. The lead investigator stated that they will 'leave no stone unturned' in their pursuit of criminals exploiting cryptocurrencies for illegal purposes.