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UK's Largest Crypto Seizure: Woman Sentenced to 6+ Years for Bitcoin Money Laundering Scam
In a landmark case, Jian Wen, a 42-year-old British-Chinese woman, has been sentenced to over six years in prison for her role in a massive bitcoin money laundering scheme.
The investigation began when Wen attempted to purchase three luxury London properties worth millions in 2017-2018. This led to the UK's largest-ever crypto seizure, with police confiscating devices containing 61,000 bitcoins (currently worth over $4 billion) in 2018.
Wen was convicted of converting significant amounts of bitcoin into cash and assets for her boss, despite declaring a meager income. Her lavish lifestyle, including a six-bedroom London property with a monthly rent of over $21,600, raised suspicions.
The scheme involved over 128,000 investors, who pumped roughly $5.6 billion into the operation. This case highlights the growing concern of cryptocurrency-related crime and the need for increased vigilance in the financial sector.
#Bitcoin #MoneyLaundering #CryptoCrime #UKLaw Enforcement
In a landmark case, Jian Wen, a 42-year-old British-Chinese woman, has been sentenced to over six years in prison for her role in a massive bitcoin money laundering scheme.
The investigation began when Wen attempted to purchase three luxury London properties worth millions in 2017-2018. This led to the UK's largest-ever crypto seizure, with police confiscating devices containing 61,000 bitcoins (currently worth over $4 billion) in 2018.
Wen was convicted of converting significant amounts of bitcoin into cash and assets for her boss, despite declaring a meager income. Her lavish lifestyle, including a six-bedroom London property with a monthly rent of over $21,600, raised suspicions.
The scheme involved over 128,000 investors, who pumped roughly $5.6 billion into the operation. This case highlights the growing concern of cryptocurrency-related crime and the need for increased vigilance in the financial sector.
#Bitcoin #MoneyLaundering #CryptoCrime #UKLaw Enforcement
🚨 #BreakingNews: The UK Parliament's Economic Crime and Corporate Transparency bill streamlines the process for police to confiscate cryptocurrency from criminals. Previously, this required indictment or a final judgment, but the new legislation enables confiscation from the early stages of an investigation, allowing for quicker recovery of criminal funds, including cryptocurrency. 🇬🇧💰 #CryptoConfiscation #UKLaw 📢📊