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In a landmark case, British-Chinese woman Jian Wen has been sentenced to over six years in prison for laundering Bitcoin proceeds from a $6 billion investment scam in China. Wen was found guilty of converting the Bitcoin into cash and using the funds to purchase luxury items. The scam, orchestrated by her former boss Zhimin Qian, defrauded approximately 130,000 investors, amassing $5 billion. Despite Wen's claims of being "duped and used", the judge ruled that she had full knowledge of her actions. This case underscores the increasing use of cryptocurrencies in illicit activities. UK authorities have pledged to intensify their efforts in combating such crimes, demonstrating their commitment to ensuring the integrity of the crypto market. This development, while unfortunate, does not dampen the overall optimism for the DeFi and BRC 20 markets. As regulatory bodies step up their vigilance, the market is expected to become more transparent and secure, fostering trust among investors.

In a landmark case, British-Chinese woman Jian Wen has been sentenced to over six years in prison for laundering Bitcoin proceeds from a $6 billion investment scam in China. Wen was found guilty of converting the Bitcoin into cash and using the funds to purchase luxury items.

The scam, orchestrated by her former boss Zhimin Qian, defrauded approximately 130,000 investors, amassing $5 billion. Despite Wen's claims of being "duped and used", the judge ruled that she had full knowledge of her actions.

This case underscores the increasing use of cryptocurrencies in illicit activities. UK authorities have pledged to intensify their efforts in combating such crimes, demonstrating their commitment to ensuring the integrity of the crypto market.

This development, while unfortunate, does not dampen the overall optimism for the DeFi and BRC 20 markets. As regulatory bodies step up their vigilance, the market is expected to become more transparent and secure, fostering trust among investors.

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Monochrome Asset Management, an Australian investment firm, is set to launch the country's first spot Bitcoin exchange-traded fund (ETF) on May 4, 2024. The Monochrome Bitcoin ETF (IBTC) will be the first fund in Australia to directly hold BTC and is expected to be listed on the Cboe Australia exchange on June 4. The firm will implement a strictly passive buy-and-hold investment strategy for Bitcoin, without using derivatives, leverage, or short selling. Monochrome applied to launch IBTC in April, amid the growing popularity of the U.S. spot Bitcoin ETF market. The firm had previously received approval to launch a spot Bitcoin ETF in August 2022, which was intended to give investors direct exposure to BTC, ether, and other cryptocurrencies. The launch of IBTC is significant as it offers Australian investors a regulated way to tap into the potential of the Bitcoin market. Monochrome's CEO, Jeff Yew, emphasized that unlike other Bitcoin ETFs, IBTC benefits from the investor protection rules under the directly held crypto Australian Financial Services (AFS) licensing regime. This development is part of a global trend, with several other countries approving the listings of spot Bitcoin ETFs, offering investors direct exposure to the cryptocurrency. The success of the first wave of ETFs launched in the United States earlier this year has triggered a wave that is spreading across regions like Hong Kong. This positive trend is expected to continue, with more countries likely to approve similar products in the coming months.
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