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A hospitality worker has been found guilty of money laundering in a specialized United Kingdom court for major fraud cases after authorities discovered $2.5 billion worth of Bitcoin in her possession. According to a recent BBC report, Jian Wen was convicted by the Southwark Crown Court of laundering money through Bitcoin to purchase “multi-million pound houses and jewelry.” The investigation involved examining 48 electronic devices and thousands of digital files, many of which were translated from Mandarin.
Authorities became suspicious due to Wen’s significant change in lifestyle. In 2017, she transitioned from living in a flat above a Chinese restaurant to renting a six-bedroom house in North London at a cost of approximately $21,420 per month. The attempted purchase of a $30 million mansion in London further raised red flags for investigators.
Despite claims of earning millions from Bitcoin mining, Wen faced challenges passing money-laundering checks when attempting to purchase several expensive houses in London. The U.K. police called the seizure “the largest of its kind in the UK.” Wen was convicted of “entering into or becoming concerned in a money laundering arrangement” and is scheduled to be sentenced on May 10.
Chief Crown Prosecutor Andrew Penhale emphasized the increasing use of digital assets by organized criminals for disguising and transferring assets. However, a recent report from the United States Treasury Department contradicts the notion that cryptocurrencies are a popular choice for money laundering, highlighting cash as the preferred option due to its anonymity and stability.
Nasdaq’s “Global Financial Crime Report” also fails to mention Bitcoin or crypto, focusing instead on financial crime data from the past year. The report estimated that around $3.1 trillion in illicit funds flowed through the global financial system in 2023.
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