UK Court Sentences Woman to Jail for Money Laundering 150 Bitcoin Linked to $5.6 Billion Fraud
A woman has been sentenced to prison by the Southwark Crown Court in London for money laundering bitcoin associated with a multi-billion-dollar investment fraud scheme. Jian Wen, a former fast-food worker, was found guilty of money laundering and received a sentence of nearly seven years. The fraud scheme involved approximately £5 billion ($6.4 billion) and saw Wen convicted of laundering around 150 Bitcoin over a five-year period. Over 61,000 Bitcoin with a value of over $4 billion were seized by law enforcement authorities.
During the sentencing, Judge Sally-Ann Hales noted that the offense demonstrated sophistication and significant planning, stating that Wen knew what she was involved in. Although Wen holds British and Chinese citizenship, she denied all accusations and is currently appealing her conviction, claiming to be a victim who followed instructions. Her lawyers portrayed her as a victim of the mastermind behind the fraud, labeling the individual as an “expert criminal supervillain” who manipulated Wen’s trust before abandoning her.
However, the prosecution argued that Wen was driven by greed and played a crucial role in managing the crypto wallet used for the money laundering scheme. They described her as a “front person” used by the fraud mastermind to convert stolen funds into bitcoin, move them out of China, and convert them back into cash. Wen maintained her innocence, claiming that she was unaware of the origins of the funds and that she was simply trying to provide a better life for her son. In March, a jury found her guilty of one count of money laundering, while two other counts resulted in a hung jury.
Wen’s lifestyle underwent a dramatic transformation during her involvement in the fraud, as she went from living in the basement of a Chinese takeaway to residing in a six-bedroom mansion and indulging in luxury shopping at Harrods. Judge Hales commented on the change, saying that Wen came to enjoy the better things in life. In a statement, Wen’s lawyer refuted the fraud allegations, asserting that she acquired her Bitcoin holdings legally.
The sentencing comes as the EU recently passed new anti-money laundering regulations aimed at regulating crypto-asset service providers. These regulations empower Financial Intelligence Units to combat money laundering and terrorist financing. The legislation package will affect crypto exchanges and brokers operating under the Markets in Crypto-Assets Regulation and introduce enhanced due diligence measures. A new supervisory body, AMLA, will oversee implementation of the regulations, which apply to all financial institutions.