Jian Wen has been sentenced to six years and eight months in prison for her role in a Bitcoin (BTC) money laundering operation.
In October 2018, authorities raided Wen’s residence, discovering a wallet containing 61,000 Bitcoins, which were seized. The value of the confiscated BTC has since risen from £1.4 billion to over £3 billion ($4 billion).
Wen, 42, was reportedly recruited by Yadi Zhang (also known as Zhimin Qian, dubbed “Crypto Queen”) to serve as a “front person” for the operation.
Zhang is accused of defrauding 130,000 Chinese investors of $5.6 billion between 2014 and 2017 and was recently arrested in the U.K.
Wen attempted to purchase high-end properties in London, including a £23.5 million mansion in Hampstead and a £12.5 million property with lavish amenities. These transactions triggered anti-money laundering checks, resulting in the cancellation of the purchases due to Wen’s inability to explain the source of the BTC.
During her trial, Wen claimed she was unaware of the funds’ illicit origin and was only seeking to improve her and her son’s lives. Prosecutors argued that she was motivated by personal financial gain.
Wen was not charged with involvement in the initial fraud.
Last March, a jury convicted Wen on one count of money laundering involving 150 BTC valued at nearly £8 million ($10 million).
Judge Sally-Ann Hales disclosed that over 128,000 investors contributed 40 billion Renminbi (approximately $5.6 billion) to the scheme.
“Some of the proceeds from this fraud were converted into Bitcoin, transferred to a cryptocurrency wallet, and smuggled out of China using a laptop,” she explained.
Despite reporting incomes of only £12,800 (around $16,200) in 2015 and £5,979 (roughly $7,600) in 2016, Wen upgraded to a six-bedroom property in London in 2017, paying over £17,000 (about $21,600) per month.
Wen and her employer purportedly operated an international jewelry business, with Wen serving as the “front person.” They also funded Wen’s son’s relocation from China to the UK to attend a private school and acquired two properties in Dubai.
According to the CPS press release, Wen is guilty of converting “substantial sums” of Bitcoin into cash and other assets on behalf of her employer.”
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