Co-conspirator handed down a sentence

Jian Wen, a participant in a Bitcoin (BTC) money laundering scheme, has been sentenced to six years and eight months in prison. On October 31, 2018, the police discovered a wallet containing 61,000 Bitcoins during a raid on Wen’s residence, which were subsequently confiscated. The value of the seized BTC has risen from £1.4 billion to over £3 billion ($4 billion). Wen, 42, was allegedly recruited by Yadi Zhang, also known as Zhimin Qian and “Crypto Queen,” to act 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 UK. Wen attempted to buy high-end properties in London, such as a £23.5 million mansion in Hampstead and a £12.5 million property with luxurious amenities. These transactions triggered anti-money laundering checks, and the purchases were canceled due to Wen’s inability to explain the origin of the BTC. During her trial, Wen claimed she was unaware of the illicit source of the funds and was simply trying to improve her and her son’s lives, but prosecutors argued that she was motivated by personal financial gain. Wen was not charged with involvement in the initial fraud. Last March, she was found guilty of one count of money laundering involving 150 BTC valued at nearly £8 million ($10 million). Judge Sally-Ann Hales revealed that over 128,000 investors contributed 40 billion Renminbi (approximately $5.6 billion) to the scheme. Wen is accused of converting substantial amounts of Bitcoin into cash and other assets on behalf of her employer. Money laundering in the cryptocurrency industry has had a significant impact on investors by undermining the integrity of the digital asset market. Criminals exploit the anonymity of cryptocurrencies to launder proceeds from various crimes, including cybercrime, fraud, and theft. Recently, Daren Li and Yicheng Zhang were arrested for laundering at least $73 million through shell companies connected to cryptocurrency investment schemes. Their operation involved overseeing an international syndicate that laundered proceeds from cryptocurrency investment scams. Victims were deceived into transferring millions of dollars to US bank accounts under the guise of shell companies. The funds were then moved to various domestic and international bank accounts and cryptocurrency platforms to obscure their origin, nature, ownership, and control. Li and Zhang face charges of conspiracy to commit money laundering and international money laundering, highlighting ongoing efforts to combat illicit activities in the cryptocurrency industry. The Canadian regulator has fined Binance $4.4 million for money laundering violations.