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British woman found guilty of laundering $2.5 billion in Bitcoins

This ruling underscores the growing challenges of financial crime in the cryptocurrency space and the need to improve control and surveillance measures in this area.

Date: 2024-03-21 Author: Marek Stiller
British woman found guilty of laundering $2.5 billion in Bitcoins

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.

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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.”

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Marek Stiller
Marek Stiller
Founder of the "Cryptocurrency for Beginners" channel on YouTube. He collaborates with Łukasz to form the Arena Trading group, while at the same time being passionate about blockchain technology. His knowledge and experience in the cryptocurrency industry help beginner investors better understand this dynamic market.
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