Anglo-Chinese woman sentenced to 6 years in prison for Bitcoin laundering in $6 billion scam

In a high-profile case involving a massive cryptocurrency fraud, a British-Chinese woman, Jian Wen, was sentenced to six years and eight months in prison for her role in laundering Bitcoin proceeds from a cryptocurrency scam. investment of 6 billion dollars in China.

Wen, 42, was convicted in March of laundering Bitcoin on behalf of her former boss, Yadi Zhang, whose real name is Zhimin Qian.

According to a recent report, Qian allegedly defrauded around 130,000 investors in China, amassing a whopping $5 billion through an investment scam.

Although Wen was not accused of direct involvement in the fraud itself, she was found guilty of laundering the proceeds by converting the Bitcoin into cash and using the funds to purchase properties, jewelry and other luxury items.

In 2018, British police seized more than $2.2 billion in bitcoin linked to suspected fraud in a major operation.

During the trial, Wen's lawyer claimed she was “duped and used” by her boss, saying she was unaware of the criminal origins of the BTC she managed.

However, the judge at Southwark Crown Court rejected them and said directly that the evidence shows Wen had full knowledge that she was laundering the proceeds of crime.

The judge also highlighted the complex and premeditated nature of Wen's money laundering operation.

As criminal entities increasingly use cryptocurrencies to hide and transfer illicit assets, UK authorities have vowed to crack down on such activities, with the lead investigator saying they will “spare no effort” to stop criminals exploiting cryptocurrencies for illegal purposes.