A woman was recently sentenced to nearly seven years in prison by the Southwark Crown Court in London for laundering bitcoin connected to a massive investment fraud worth $5.6 billion. Jian Wen, a former fast-food worker, was found guilty of laundering around 150 Bitcoin for a Chinese woman between 2017 and 2022. Law enforcement authorities seized over 61,000 Bitcoin valued at more than $4 billion.
During her sentencing, Judge Sally-Ann Hales stated that the crime was sophisticated and involved significant planning, indicating that Wen was aware of her actions. Despite holding British and Chinese citizenship, Wen denied the allegations and is appealing her conviction, claiming she was manipulated by a criminal mastermind.
Prosecutors argued that Wen was driven by greed and played a key role in managing the crypto wallet used for the laundering scheme. They described her as a “front person” utilized by the fraud mastermind to convert stolen funds into bitcoin and move them out of China.
Wen’s trial spanned nearly two months, during which evidence, including WhatsApp messages, was presented. She was found guilty of one count of money laundering, while two other counts resulted in a hung jury.
Wen’s lifestyle drastically changed after working for the alleged mastermind, transitioning from living in a basement to residing in a mansion and indulging in luxury shopping sprees. Judge Hales noted that Wen had come to enjoy a lavish lifestyle.
The EU recently passed a new anti-money laundering regulation aimed at regulating crypto-asset service providers. This regulation empowers Financial Intelligence Units to detect and combat money laundering and terrorist financing, impacting crypto exchanges and brokers operating under the Markets in Crypto-Assets Regulation.