Jian Wen, 42, from Hendon, north London, was arrested and convicted by the Metropolitan police (Met) of money laundering with $2.5 billion worth of Bitcoin originating in China.
The Met rates this as the largest cryptocurrency-related case in the UK. The investigation found a complex network of 48 electronic devices and thousands of digital files. Many of these have been translated from Chinese, revealing details of the illegal transactions and the methods Wen used to hide the origin of the proceeds.
Southwark Crown Court later concluded that Jian Wen committed money laundering by using Bitcoin to purchase luxury assets, including homes and jewelry worth millions of pounds.
However, during the investigation, Wen firmly denied any information that she knew that the Bitcoin she owned was collected from illegal sources. Wen asserted that she only controlled one of the three blockchain wallets suspected of being involved in the incident, but was unaware of the origin of the Bitcoins inside.
The process of becoming a queen
From a delivery worker living modestly above a Chinese restaurant in Leeds, Wen suddenly moved to renting a six-bedroom house for about $21,420 per month since 2017.
That same year, Wen also expressed her intention to buy many expensive properties in London, but failed due to being unable to pass anti-money laundering checks, even though she claimed to have earned millions legally. through Bitcoin mining.
The Crown Prosecution Service (CPS) revealed more about the suspicions surrounding Wen, including pretending to be an employee of an international jewelry company and taking his son to England to study at a private school. honor and dignity.
In addition, Wen continued to attract attention with his trips abroad, spending tens of thousands of pounds on jewelry in Switzerland and buying real estate in Dubai in 2019. The sudden and suspicious change in Wen's lifestyle has become the subject of attention, as authorities continue to investigate the source of the huge fortune she claims to own.
Currently another suspect is believed to be behind the crime but has not yet been arrested. While Wen is expected to be sentenced on May 10.
Jian Wen (Chinese origin), a delivery worker, 42, from Hendon, north London awaits sentencing on May 10 Bitcoin still accounts for a small proportion of global money laundering
Crown Prosecution Service (CPS) leader, Andrew Penhale highlighted, how Bitcoin and other cryptocurrencies are increasingly being used by criminal organizations to hide and transfer assets, thereby allowing criminals to fraudulently benefiting from criminal acts.
However, a report by the US Treasury Department has countered the commonly held view from authorities that cryptocurrencies are the preferred means for money laundering. The report asserts that cash remains the top choice due to its anonymity and stability as a means of payment.
Additionally, stock exchange Nasdaq recently released its “Global Financial Crime Report,” which highlights data related to financial crimes over the past year but does not mention Bitcoin or cryptocurrency . The report estimates that in 2023, about 3.1 trillion USD illegally flowed through the global financial system.
Even so, Jian Wen's case and the hot growth of the cryptocurrency market have posed new challenges for authorities in tracking and controlling money laundering activities. The emergence of cryptocurrencies has opened up a new channel for those who want to remain anonymous or subtly transfer ill-gotten assets.
Along with supervision and investigation activities, authorities are also having to adapt and update technology to deal with increasingly complex money laundering methods, especially when transactions often take place. on the blockchain space and across borders, where there is no control whatsoever.