UK Woman Convicted of Laundering $2.5 Billion in Bitcoin

British Woman Convicted of Laundering $2.5 Billion in Bitcoin

A British woman, Jian Wen, has been found guilty and convicted for laundering over $2.5 billion (£2 billion) worth of bitcoin for a Chinese fugitive, Yadi Zhang.

Money Laundering Conviction

The jury found Wen guilty on one count of money laundering and couldn’t reach a decision on two other charges. The Crown Prosecution Service stated that the seized Bitcoin, lack of legitimate evidence for its acquisition, and its connection to a massive investment fraud in China all pointed to it being criminal property.

Seized Assets

Proceeds from the Bitcoin were used by Wen to purchase a multi-million pound house in North London. The police seized Bitcoin from Wen during a raid in 2018.

Largest Cryptocurrency Seizure in the UK

Andrew Penhale, Chief Crown Prosecutor, highlighted how cryptocurrencies are used by criminals to disguise and transfer assets. This case, involving the largest cryptocurrency seizure in the UK, demonstrates the scale of criminal proceeds available to fraudsters.

Rags to Riches Lifestyle

Wen played a significant role in converting Bitcoin into cash and expensive assets for an international fraudster. Her lifestyle changed drastically from a working-class woman in Leeds to a wealthy individual in London after meeting Zhang.

Spending Spree

Wen’s spending spree included renting a six-bedroom property in London, attempting to purchase properties valued at millions, and buying jewelry worth tens of thousands of pounds in Zurich and properties in Dubai.

Despite the case hitting the press recently, the investigation has been ongoing for over half a decade.