Crown

Bitcoin

Jian Wen, a 42-year-old British-Chinese woman, has been sentenced to six years and eight months in prison for laundering 150 bitcoins valued at about $10.4 million. The funds were proceeds from a massive $5.6 billion investment fraud scheme organized by her former boss, Yadi Zhang, also known as Zhimin Qian. 
According to authorities, Zhimin Qian allegedly defrauded around 130,000 investors in China through an elaborate investment scam, amassing over $5 billion. The UK police <a href="https://www.ft.com/content/7aec98dd-6161-4ee9-8e0e-654fc7e0fae3" target="_blank" rel="noopener">seized</a> 61,000 bitcoins valued at $4.22 billion related to the fraud scheme during a 2018 operation. 
Wen maintained that she laundered the funds on behalf of Zhimin Qian between 2017 and 2022, claiming ignorance about the true origin of the money. While not accused of direct involvement in fraud, Wen was found guilty of converting the Bitcoin proceeds into cash and using them to purchase property, jewelry, and luxury items. 
 During the <a href="https://www.bloomberg.com/news/articles/2024-05-24/uk-woman-jailed-for-laundering-crypto-tied-to-5-6-billion-fraud?utm_content=crypto&amp;utm_medium=social&amp;utm_campaign=socialflow-organic&amp;utm_source=twitter" target="_blank" rel="noopener">sentencing</a> at Southwark Crown Court, Judge Sally-Ann Hales stated, “I am in no doubt that you knew, rather than merely suspected, that you were dealing in the proceeds of crime.” The judge described Wen’s offense as sophisticated and involving significant planning. 
Also read: <a href="https://www.cryptotimes.io/2024/05/24/binance-executive-collapses-in-court-amid-money-laundering/">Binance Executive Collapses in Court Amid Money Laundering</a>

British-Chinese Woman Jailed for Laundering $10.4M in BTC

The Crypto Times

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