Former UK Hospitality Worker Convicted for Laundering $2.5 Billion in Bitcoin
Summary:
Jian Wen, a former UK hospitality worker, has been convicted for laundering over $2.5 billion in Bitcoin, as per a ruling by Southwark Crown Court. The case emerged after a five-year intense probe that included the scrutiny of numerous digital files and electronic devices. The drastic change in Wen's lifestyle raised eyebrows leading to her arrest. Despite the increasing use of cryptocurrencies in criminal activities, a recent report refuted it being the primary choice for money laundering, stating traditional cash still holds supremacy.
Jian Wen, a former employee in the UK's hospitality industry, has reportedly been convicted in a UK court specialising in major fraud cases for laundering Bitcoin (BTC) worth over $2.5 billion. In line with a fresh BBC article, Southwark Crown Court ruled that Wen is guilty of laundering such huge amount of Bitcoin after a detailed five-year probe that examined 48 electronic devices and thousands of digital documents, many translated from Mandarin.
Authorities were tipped off by Wen's dramatic change in lifestyle. In 2017, she upgraded from a flat situated above a Leeds-based Chinese restaurant to a luxurious six-bedroom house in North London with a monthly rent of roughly $21,420. The same year, she tried buying numerous high-end houses in London but struggled to pass the money-laundering checks, despite claiming earnings in the millions from Bitcoin mining.
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The UK police noted that this bust was the country's "largest of its kind". Wen is scheduled for sentencing on May 10. The Chief Crown Prosecutor of the CPS, Andrew Penhale, pointed out that digital currencies have been increasingly exploited by criminals recently. He stated, "Bitcoin and other cryptocurrencies are gradually being employed by crime syndicates to conceal and move assets, letting the fraudsters relish the fruits of their wrongful conduct."
However, a recent US Treasury Department report contradicts the frequent assertion by agencies that digital currency is the go-to choice for money launders, maintaining that traditional cash is still the preferred choice. Cointelegraph reported on February 8 that the Department claimed that cash continues to be employed by criminals and global crime groups. It emphasized that the anonymity and steadiness of cash as payment is the primary reason for remaining the favoured method for illicit income laundering.
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Published At
3/24/2024 4:23:12 AM
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