A London court has sentenced a Singaporean woman, Wen Jian, to six years and eight months in prison for her role in laundering Bitcoin (BTC) linked to a stunning $6.4 billion Chinese scam.
The case, which involved the seizure of more than 61,000 bitcoins by UK police, has highlighted the increasing prevalence of cryptocurrencies in global financial crimes.
According to prosecutors, the $6.4 billion fraud was orchestrated by another woman who Wen believed was independently wealthy. This person allegedly defrauded nearly 130,000 Chinese investors through fraudulent wealth schemes between 2014 and 2017. When Chinese authorities began investigating the scam in 2017, the mastermind fled to Britain.
Wayne's role in the scheme was to help hide the source of the stolen funds by transferring them to… Bitcoin
Bitcoin
While some may still wonder what Bitcoin is, who created Bitcoin, or how Bitcoin works, one thing is certain: Bitcoin has changed the world. No one can remain indifferent to these revolutionary decentralized digital assets, nor to their blockchain technology. In fact, we've come a long way since Florida resident Laszlo Hanicz made the first official BTC trading transaction with a real company by trading 10,000 BTC for 2 pizzas at his local Papa John's. Now one could argue with that
While some may still wonder what Bitcoin is, who created Bitcoin, or how Bitcoin works, one thing is certain: Bitcoin has changed the world. No one can remain indifferent to these revolutionary decentralized digital assets, nor to their blockchain technology. In fact, we've come a long way since Florida resident Laszlo Hanicz made the first official BTC trading transaction with a real company by trading 10,000 BTC for 2 pizzas at his local Papa John's. Now one could argue with that
Read this termTaking it out of China, and then converting it back into cash and property. Prosecutors said Wynn should have known the money was obtained illegally, but she maintained her innocence throughout the trial.
As part of their investigation, British police seized wallets containing more than 61,000 bitcoins, making it one of the largest cryptocurrency seizures by law enforcement worldwide. The value of the seized codes was worth around £1.4 billion when police gained access to them in 2021 and has since been estimated at more than £3 billion.
Wen Jian, who was accused of aiding a $6.4 billion Bitcoin money laundering scam, was sentenced to seven years in prison after being tried in a London court. Prosecutors said she helped hide the source of funds allegedly stolen from about 130,000 Chinese investors https://t.co/ynGPKX5GBZ
– Reuters Legal (@ReutersLegal) May 25, 2024
Trial and judgment
Wiens' defense attorney, Mark Harris, painted a picture of a woman who fell prey to the machinations of a criminal mastermind. Harris argued that Wynn was not a willing participant in a multibillion-dollar scam and subsequent bitcoin laundering scheme, but rather another victim of an “expert criminal villain” who exploited its reliability and ultimately disposed of it when it was no longer usable.
The women faced three charges Money laundering
Money laundering
Money laundering is an umbrella term to describe the process by which criminals conceal the original ownership and proceeds of criminal behavior by making these proceeds appear to be derived from a legitimate source. Money laundering is an issue that cuts across countless industries and sectors, which includes the financial services space. Although criminal funds can be successfully laundered without the assistance of the financial sector, billions of dollars' worth of criminally generated funds are laundered
Money laundering is an umbrella term to describe the process by which criminals conceal the original ownership and proceeds of criminal behavior by making these proceeds appear to be derived from a legitimate source. Money laundering is an issue that cuts across countless industries and sectors, which includes the financial services space. Although criminal funds can be successfully laundered without the assistance of the financial sector, billions of dollars' worth of criminally generated funds are laundered
Read this term At Southwark Crown Court. In March, the jury convicted her on one count, but was unable to reach a verdict on the other two counts.
During the sentencing hearing, Judge Sally Ann Hills admitted there was no evidence to suggest Wynn was involved in the underlying fraud. However, the judge stated that she had “no doubt” that Wynn knew she was dealing with criminal property.
Wen, who claimed she was trying to provide a better life for her son, was sentenced to six years and eight months in prison on one count of money laundering.
The woman convicted in this case became a typical “money mule,” someone charged with laundering illegally obtained money, thus shifting potential responsibility for the process to her. The US Commodity Futures Trading Commission (CFTC) warned of this type of fraud two weeks ago.
A London court has sentenced a Singaporean woman, Wen Jian, to six years and eight months in prison for her role in laundering Bitcoin (BTC) linked to a stunning $6.4 billion Chinese scam.
The case, which involved the seizure of more than 61,000 bitcoins by UK police, has highlighted the increasing prevalence of cryptocurrencies in global financial crimes.
According to prosecutors, the $6.4 billion fraud was orchestrated by another woman who Wen believed was independently wealthy. This person allegedly defrauded nearly 130,000 Chinese investors through fraudulent wealth schemes between 2014 and 2017. When Chinese authorities began investigating the fraud in 2017, the mastermind fled to Britain.
Wayne's role in the scheme was to help hide the source of the stolen funds by transferring them to… Bitcoin
Bitcoin
While some may still wonder what Bitcoin is, who created Bitcoin, or how Bitcoin works, one thing is certain: Bitcoin has changed the world. No one can remain indifferent to these revolutionary decentralized digital assets, nor to their blockchain technology. In fact, we've come a long way since Florida resident Laszlo Hanicz made the first official BTC trading transaction with a real company by trading 10,000 BTC for 2 pizzas at his local Papa John's. Now one could argue with that
While some may still wonder what Bitcoin is, who created Bitcoin, or how Bitcoin works, one thing is certain: Bitcoin has changed the world. No one can remain indifferent to these revolutionary decentralized digital assets, nor to their blockchain technology. In fact, we've come a long way since Florida resident Laszlo Hanicz made the first official BTC trading transaction with a real company by trading 10,000 BTC for 2 pizzas at his local Papa John's. Now one could argue with that
Read this termTaking it out of China, and then converting it back into cash and property. Prosecutors said Wynn should have known the money was obtained illegally, but she maintained her innocence throughout the trial.
As part of their investigation, British police seized wallets containing more than 61,000 Bitcoin, making it one of the largest cryptocurrency seizures by law enforcement worldwide. The value of the seized codes was worth around £1.4 billion when police gained access to them in 2021 and has since been estimated at more than £3 billion.
Wen Jian, who was accused of aiding a $6.4 billion Bitcoin money laundering scam, was sentenced to seven years in prison after being tried in a London court. Prosecutors said she helped hide the source of funds allegedly stolen from about 130,000 Chinese investors https://t.co/ynGPKX5GBZ
– Reuters Legal (@ReutersLegal) May 25, 2024
Trial and judgment
Wiens' defense attorney, Mark Harris, painted a picture of a woman who fell prey to the machinations of a criminal mastermind. Harris argued that Wynn was not a willing participant in a multibillion-dollar scam and subsequent bitcoin laundering scheme, but rather another victim of an “expert criminal villain” who exploited its reliability and ultimately disposed of it when it was no longer usable.
The women faced three charges Money laundering
Money laundering
Money laundering is an umbrella term to describe the process by which criminals conceal the original ownership and proceeds of criminal behavior by making these proceeds appear to be derived from a legitimate source. Money laundering is an issue that cuts across countless industries and sectors, which includes the financial services space. Although criminal funds can be successfully laundered without the assistance of the financial sector, billions of dollars' worth of criminally generated funds are laundered
Money laundering is an umbrella term to describe the process by which criminals conceal the original ownership and proceeds of criminal behavior by making these proceeds appear to be derived from a legitimate source. Money laundering is an issue that cuts across countless industries and sectors, which includes the financial services space. Although criminal funds can be successfully laundered without the assistance of the financial sector, billions of dollars' worth of criminally generated funds are laundered
Read this term At Southwark Crown Court. In March, the jury convicted her on one count, but was unable to reach a verdict on the other two counts.
During the sentencing hearing, Judge Sally Ann Hills admitted there was no evidence to suggest Wynn was involved in the underlying fraud. However, the judge stated that she had “no doubt” that Wynn knew she was dealing with criminal property.
Wen, who claimed she was trying to provide a better life for her son, was sentenced to six years and eight months in prison on one count of money laundering.
The woman convicted in this case became a typical “money mule,” someone charged with laundering illegally obtained money, thus shifting potential responsibility for the process to her. The US Commodity Futures Trading Commission (CFTC) warned of this type of fraud two weeks ago.
