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Chinese woman sentenced to more than 6 years in prison in 61,000 Bitcoin fraud case
A Chinese woman, Wen Jian, accused of money laundering in the infamous 61,000 Bitcoin (BTC) fraud case, has been sentenced to nearly seven years in prison. Incidents dating back to between 2014 and 2017 shook the crypto spaces due to the sheer amount involved.
Wen Jian sentenced in Bitcoin case
The defendant was accused of hiding funds allegedly stolen from around 130,000 Chinese investors between 2014 and 2017, Reuters reported. A court in London sentenced her to six years and eight months in prison for her role in converting Bitcoin into cash and property worth approximately $6.4 billion. However, he was not accused of being involved in the underlying fraud because the mastermind was another woman, prosecutors say.
Prosecutor Gillian Jones argued that Wen was the “front person” used to convert money into Bitcoin and back into cash outside of China, noting that she must have known the money was obtained illegally. According to prosecutors, she lived in a $5 million house with a rent of $17,000 a month, while spending thousands of pounds on designer clothes.
Wen’s representative, Mark Harries, said she was the victim of an expert criminal supervillain who used and abandoned her because she was trustworthy and expendable.
Although Wen said she was trying to provide a better life for her son, Judge Sally-Ann Hales held there was no doubt she knew the woman was dealing in criminal proceeds.
“The evidence showed that you and, to some extent, your family members were generously rewarded for your services.”
Authorities seized 61,000 BTC
UK Police launched an investigation into the incident and seized crypto wallets containing over 61,000 Bitcoins worth around $1.7 billion in 2021. Due to the increase in the price of Bitcoin as market adoption has soared, the assets are now worth more of US$3.8 billion. This is now ranked as one of the highest Bitcoin Seizures in history.
Wen was charged with three counts of money laundering and found guilty on one count by jurors at Southwark Crown Court.
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David is a financial news contributor with 4 years of experience in Blockchain technology and cryptocurrencies. He is interested in learning about emerging technologies and keeps an eye on the latest news. Keeping up to date with trends, David has reported across multiple niches including regulation, partnerships, crypto assets, stocks, NFTs, etc. Away from financial markets, David rides his bike and horses.