Jian Wen, a 42-year-old British-Chinese woman, has been sentenced to six years and eight months in prison for laundering bitcoin linked to a $6 billion fraud case in China.
A British-Chinese woman, Jian Wen, has been sentenced to six years and eight months in prison for her role in laundering bitcoin connected to a $6 billion fraud case in China, as reported by the Financial Times on Friday.
Wen, aged 42, was convicted in March for laundering proceeds on behalf of her former employer, Yadi Zhang, who is implicated in a large-scale investment scam that defrauded around 130,000 investors in China. The scam reportedly amassed $5 billion. Despite Zhang's lawyer claiming her complete innocence, UK prosecutors detailed Wen's involvement in the conversion of the illicit funds into cash, property, jewelry, and other luxury items.
The case came to light following a significant seizure by the UK's Metropolitan Police, who in 2018 confiscated devices containing 61,000 bitcoin, valued at over £3 billion. This operation is noted as one of the largest bitcoin hauls by a law enforcement agency worldwide. The initial investigation centered on an attempted real estate purchase in London using the bitcoin in question.
During the trial, Wen's defense argued that she was unaware of the origin of the bitcoin and had been "undoubtedly duped and used." However, Judge Sally-Ann Hales, KC, countered this portrayal, stating Wen knew she was "dealing in the proceeds of crime" in a scheme that was "sophisticated and involved significant planning."
Wen, who has been in custody since March 2022, admitted to controlling a bitcoin wallet for her boss but denied knowing the source of the funds. Despite this admission, the court did not accept her as a victim in the matter. Her lawyer, Mark Harries KC, described Wen as a "fragile and desperate woman."
As part of the legal proceedings, the Metropolitan Police are engaged in a civil recovery process to forfeit the seized funds. The Chinese Ministry of Foreign Affairs has indicated that there is ongoing international cooperation between the UK and China in relation to this case, focusing on the pursuit of fugitives and the recovery of assets.
