Cointime

Download App
iOS & Android

Hospitality worker caught with $2.5B Bitcoin found guilty of money laundering

Validated Media

A hospitality worker has reportedly been found guilty of money laundering in a United Kingdom specialized court for major fraud cases, following the discovery of $2.5 billion worth of Bitcoin in her possession.

According to a recent BBC report, the Southwark Crown Court has found Jian Wen guilty of laundering money using Bitcoin to purchase "multi-million pound houses and jewellery." The investigation involved scrutiny of 48 electronic devices and thousands of digital files, many of which were translated from Mandarin.

Wen's change in lifestyle was what drew the attention from the authorities. In 2017, she reportedly went from living in a flat above a Chinese restaurant to renting a six-bedroom house in North London costing approximately $21,420 per month.

On Jan. 31, Cointelegraph reported that it was the attempted purchase of a $30 million mansion in London that was the ultimate red flag for the authorities to investigate her. 

During the same year, she reportedly attempted to purchase a series of expensive houses in London but faced challenges passing money-laundering checks, despite her claims of earning millions from Bitcoin mining.

The UK police claimed that the seizure was the “largest of its kind in the UK.” Wen was convicted of "entering into or becoming concerned in a money laundering arrangement," and is due to be sentenced on May 10.

CPS chief crown prosecutor Andrew Penhale reiterated digital assets prominent use in criminal activity in recent times:

“Bitcoin and other cryptocurrencies are increasingly being used by organized criminals to disguise and transfer assets, so that fraudsters may enjoy the benefits of their criminal conduct.”

However, a recent report from the United States Treasury Department contradicts the common claim by authorities that crypto is a popular choice for money laundering, declaring that cash continues to be the preferred option.

On Feb. 8, Cointelegraph reported that the Treasury highlighted the anonymity and stability of cash as a means of payment as a primary reason why it remains the preferred method of laundering illicit proceeds.

Similarly, stock exchange company Nasdaq recently released its “Global Financial Crime Report,” which highlights data related to financial crime over the past year, and there was no mention of Bitcoin or crypto.

Yet, it did estimate that in 2023, around $3.1 trillion in illicit funds flowed through the global financial system.

BTC
Comments

All Comments

Recommended for you

  • Cointime April 23th News Express

    1. EigenLayer: Deposit limits for all LST tokens will be removed on April 16

  • Wintermute deposited 12.08 million YGG to Kraken in the past hour, about 12.37 million US dollars

    According to on-chain analyst @ai_9684xtpa, Wintermute has cumulatively deposited 12.08 million YGG tokens to Kraken in the past hour, with a total value of $12.37 million and an average deposit price of $1.02. YGG was originally the fifth-ranked asset in Wintermute's on-chain holdings, but has fallen 18% in the past 24 hours and is now priced at $1.02.

  • Pyth Network's cumulative transaction volume has exceeded 300 billion US dollars

    Pyth Network stated in its Q1 summary report that its cumulative trading volume has exceeded 300 billion US dollars, providing services to more than 330 applications on over 55 blockchains, and currently providing real-time price information for over 500 categories of traditional and digital assets.

  • Nearly 90 million SHIB removed from circulation in the past 24 hours

    Nearly 90 million SHIB tokens were removed from circulation in the past 24 hours, and Shiba Inu's burning rate surged by 50,000%.

  • 4 whales/institutions sold 31,683 ETH worth $106 million during the market drop

    According to Lookonchain data, during the market downturn, 4 whales/institutions sold 31,683 ETH ($106 million). Cumberland deposited 17,206 ETH ($57.3 million) to the exchange. 0xC3f8 deposited 7,976 ETH ($26.6 million) to Binance. 0x1717 deposited 4,000 ETH ($13.32 million) to the exchange. Alameda/FTX deposited 2,500 ETH ($8.33 million) to #Binance.

  • USDC circulation decreased by 800 million in the past 7 days

    Circle issued 2.4 billion USDC and redeemed 3.2 billion USDC within the past 7 days, resulting in a decrease of 800 million in circulation. The total circulation of USDC is 32.1 billion US dollars, with reserves of 32.2 billion US dollars, of which 3.3 billion US dollars are in cash and the Circle Reserve Fund holds 28.9 billion US dollars.

  • Cross-chain bridge Meson Finance announces support for BEVM mainnet

    Cross-chain bridge Meson Finance announced on X platform that it now supports the BEVM mainnet, allowing users to cross-chain BTC to the BEVM mainnet from any chain supported by Meson.

  • Aptos chain transaction volume exceeded 550 million, with a monthly growth of more than 10%

    According to official data from Aptos Labs, the on-chain transaction volume of Aptos has exceeded 550 million transactions, with a monthly growth rate of over 10%. However, the active staking amount has decreased to approximately 862 million APT, and the current total supply of APT on the entire network is 1,090,635,266.

  • Cointime April 5th News Express

    1.Mystiko.Network Community Sale Completed, Total $11.25 Million in XZK Sold2.Solana Co-founder Responds to the Sharp Increase in Transaction Failure Rates: Patch Coming Soon3.Ethena USDe market value exceeds 2 billion US dollars, setting a new record4.Du Jun, Executive Director and CEO of Xinhuo & Founder of ABCDE: Xinhuo Technology and ABCDE will invest 100 million US dollars to support blockchain companies that promote social development 5.QCP Capital: Bitcoin is expected to return to $70,000 this week, while Ethereum continues to be weak6.bitSmiley Labs officially launches its independent ecosystem plan, bitUniverse, and reveals its OG pass bitDisc-Black Upgraded Priviledges 7.Avalanche Foundation launches ice-breaking plan, focusing on LST track in the first phase and funding 500,000 AVAX 8.SuperRare Expands into Bitcoin Ordinals with Killer Acid's Psychedelic Art Collection 9.A dormant whale address for 8 months deposited 1,100 BTC into Binance10.Meme exchange DerpDEX.com completes multi-million dollar strategic investment, with participation from ABO Digital and others

  • Here’s what happened in crypto today

    Need to know what happened in crypto today? Here is the latest news on daily trends and events impacting Bitcoin price, blockchain, DeFi, NFTs, Web3 and crypto regulation.