According to CoinDesk, a British-Chinese woman has been sentenced to six years and eight months in prison for laundering bitcoin in connection with a $6 billion fraud in China. Jian Wen, 42, was found guilty in March of laundering the proceeds of the fraud on behalf of her former boss, Yadi Zhang, whose real name is Zhimin Qian.
In 2018, UK police seized over 1.7 billion pounds ($2.2 billion) worth of bitcoin related to the alleged fraud. Qian is accused of defrauding approximately 130,000 investors in China in an investment scam that brought in $5 billion. Wen was not accused of any involvement in the fraud, but of laundering the proceeds, converting the bitcoin into cash, and purchasing property, jewellery, and other luxury items.
Wen admitted to being in control of a bitcoin wallet on behalf of Qian but claimed that she was unaware of the source of the funds. Her lawyer, Mark Harries, KC, argued that she had been 'duped and used.' However, Judge Sally-Ann Hales, KC, stated in Southwark Crown Court on Friday, 'I am in no doubt that... you knew, rather than merely suspected, that you were dealing in the proceeds of crime. This was an offence which was sophisticated and involved significant planning.'