Chinese Woman Sentenced to More than 6 Years in Prison in 61,000 Bitcoin Scam Case
Wen Jian, a Chinese woman accused of money laundering in the infamous 61,000 Bitcoin (BTC) fraud case, was sentenced to nearly seven years in prison. Events between 2014 and 2017 shook the crypto spaces due to the sheer volume of events.
Wen Jian Convicted in Bitcoin Case
The defendant was accused of hiding funds allegedly stolen from approximately 130,000 Chinese investors between 2014 and 2017. Reuters reported. A court in London sentenced him to six years and eight months in prison for his role in converting Bitcoin into cash and property worth about $6.4 billion. But prosecutors say she was not charged with involvement in the scam because the mastermind was another woman.
Prosecutor Gillian Jones argued that Wen was a “front person” used to convert the money into Bitcoin and cash out of China, stating that he should have known the money was obtained illegally. She lived in a $5 million house with $17,000 a month in rent and spent thousands of dollars on designer clothes, according to prosecutors.
Wen’s agent, Mark Harries, said Wen was the victim of a specialist crime supervisor who used and abandoned him because he was trustworthy and expendable.
While Wen said he was trying to provide a better life for his son, Judge Sally-Ann Hales said she had no doubt he knew the woman was dealing with a criminal case.
““The evidence showed that you, and to some extent members of your family, were generously rewarded for your service.”
Authorities Seize 61,000 BTC
UK police launched an investigation into the incident and seized crypto wallets holding more than 61,000 Bitcoins worth approximately $1.7 billion in 2021. The assets are currently worth over $3.8 billion due to the price of Bitcoin increasing as market adoption increases. This now ranks as one of the highest Bitcoin seizures In history.
Wen was charged with three counts of money laundering and found guilty once by jurors at Southwark Crown Court.
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David is a financial news writer with 4 years of experience in Blockchain Technology and Cryptocurrencies. He is interested in learning about emerging technologies and has a talent for keeping up with breaking news. Staying on top of trends, David is knowledgeable about regulations, partnerships, crypto assets, stocks, NFTs, etc. He reported in various fields such as. Away from the financial markets, David cycles and rides horses.
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