UK Woman Found Guilty of Laundering Bitcoin Tied to $6 Billion China Fraud – Jian Wen, a former employee of a takeaway establishment residing in north London, was convicted of one charge of money laundering in 2018 when she was discovered in possession of Bitcoin valued at over $2.5 billion (£2 billion).
Wen was implicated in assisting Qian Zhimin, known to her as Zhang Yadi, a Chinese fugitive, in laundering the BTC funds. In the Bitcoin laundering case, Wen was found with Bitcoin assets exceeding £2 billion, which she had helped convert into assets like high-value properties and jewelry. Despite initially living in a flat above a Chinese restaurant in Leeds, Wen’s lifestyle underwent a significant transformation due to her criminal activities.
Her claim of having earned millions through legitimate Bitcoin mining was discredited, and she encountered difficulties passing money-laundering checks while trying to purchase expensive properties in London. The investigation unveiled another suspect, Zhang Yadi, believed to be the mastermind behind the scheme. Prosecutors alleged that Wen assisted Zhang in laundering stolen funds obtained through fraudulent wealth schemes that targeted thousands of Chinese investors.
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During the investigation, British authorities seized wallets containing more than 61,000 BTC, marking one of the largest cryptocurrency confiscations worldwide. Initially estimated at around £2 billion, the value of the Bitcoin funds has since surged to approximately £3.4 billion due to price fluctuations.
The Crown Prosecution Service (CPS) secured a freezing order from the High Court as part of a civil recovery inquiry that could result in the forfeiture of the Bitcoin. Wen’s Money Laundering Conviction
In court, Prosecutor Gillian Jones revealed that Zhang arrived in Britain in 2017 using a counterfeit passport amid an investigation by Chinese authorities into the fraud.
Zhang aimed to convert the stolen funds, initially converted into Bitcoin for their transfer out of China, and utilized Wen as a “front person.” While her defense painted her as a victim misled by Zhang, emphasizing her desire to provide a better life for her son, the prosecution contended that Wen should have been aware of the illicit source of the funds.
This was due to Zhang’s criminal endeavors and attempts to evade Chinese authorities. Despite this, jurors found her guilty of one count of money laundering. Andrew Penhale, the chief crown prosecutor at the CPS, highlighted the growing trend among organized criminals to utilize cryptocurrencies to disguise and transfer assets.
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He emphasized that this case underscores the substantial proceeds available to such fraudsters. Detective Chief Superintendent Jason Prins, leading the investigation, stressed the international scope of the operation, illustrating how criminals exploit cryptocurrencies for unlawful activities. Wen is slated for sentencing on May 10, while the search for Zhang persists as she remains at large.
