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A woman has been sentenced to almost seven years in prison for laundering bitcoin connected to a £5 billion fraud in China. During the investigation, authorities seized over 61,000 bitcoin, now valued at more than $4 billion. The woman, however, denied all charges, claiming she was manipulated by a “mastermind.”
61K Bitcoin Seizure Leads to Jail Sentence
Jian Wen, a former fast food worker, was sentenced to six years and eight months in prison for her involvement in laundering Bitcoin associated with a £5 billion investment fraud in China. Between 2017 and 2022, Wen was found guilty of laundering approximately 150 Bitcoin for a Chinese woman. This incident was part of a larger operation where authorities confiscated over 61,000 bitcoin during their investigation, which is now worth over $4 billion.
Wen, who holds dual British and Chinese citizenship, denied all the allegations against her and is currently appealing her conviction. She claimed that a “mastermind” manipulated her and that she followed instructions without knowing the funds were illegal. Her lawyer, Mark Harries, supported her defense by arguing that Wen was unaware of the fraudulent origins of the money and had no involvement in the primary fraud that took place in China.
Despite her claims, prosecutors asserted that Wen Jian played a significant role in concealing the source of money allegedly stolen from nearly 130,000 Chinese investors through fraudulent wealth schemes between 2014 and 2017. They portrayed Wen as motivated by greed, managing the crypto wallet and converting the stolen money into Bitcoin to move it out of China and back into cash.
A Judge’s Remarks and the Extent of Financial Gain
Judge Sally-Ann Hales, who imposed the sentence, commented on the sophisticated nature of the offense and the significant planning involved. She expressed no doubt that Wen knew what she was handling. Despite her denials, Wen was found guilty of one count of money laundering.
Wen’s transformation from living in the basement of a Chinese takeaway in east London to residing in a six-bedroom mansion and enjoying luxury shopping sprees at Harrods underscored the extent of her financial gains. This drastic change in her lifestyle highlighted the significant monetary benefits she reaped from her involvement in the illegal activities.
In conclusion, Jian Wen’s conviction and subsequent sentencing for laundering Bitcoin tied to a massive fraud in China demonstrate the severe legal consequences of engaging in such illicit financial operations. The authorities’ successful seizure of over 61,000 bitcoin and the substantial prison sentence handed to Wen serve as a stern warning to others involved in similar activities.
UK Sentences Woman to Prison for Laundering #Bitcoin After Police Seize 61K $BTC https://t.co/zAbdOmngN9
— Bitcoin.com News (@BTCTN) May 25, 2024
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