On Wednesday, a British woman was convicted of laundering more than $2.5 billion (£2 billion) in Bitcoins for a Chinese fugitive.
Jian Wen, a 42-year-old British citizen, was found guilty of money laundering for Chinese woman Yadi Zhang.
The jury found Wen guilty of the money laundering charge, but could not decide on two other charges. The Crown Prosecution Service said that the size of the Bitcoin seized, the lack of legitimate evidence of how it was acquired and the link to a massive investment scam in China indicated that it was criminal property.
The proceeds from the Bitcoin were used by Wen to purchase a multimillion-dollar home in an affluent part of north London, UK. However, police seized Bitcoin from Wen during a raid in 2018.
Largest cryptocurrency takeover in the UK
Chief Crown Prosecutor Andrew Penhale said: “Bitcoin and other cryptocurrencies are increasingly being used by organized crime to hide and transfer assets so that fraudsters can reap the benefits of their criminal conduct.”
He stated: “This case, involving the largest cryptocurrency seizure in the UK, illustrates the scale of the criminal benefits these fraudsters can reap.”
