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Chinese woman sentenced to over 6 years in prison in 61,000 Bitcoin fraud case

Chinese woman Wen Jian, accused of money laundering in the infamous 61,000 Bitcoin (BTC) fraud case, has been sentenced to nearly seven years in prison. The incidents, which date back to 2014 and 2017, have rocked the crypto world due to the enormous sums involved.

Wen Jian convicted in Bitcoin case

The defendant was accused of hiding funds allegedly stolen from around 130,000 Chinese investors between 2014 and 2017. Reuters reported. A court in London sentenced her to six years and eight months in prison for her role in converting Bitcoin into cash and property worth around $6.4 billion. However, she was not charged with involvement in the underlying fraud because the mastermind was another woman, prosecutors say.

Prosecutor Gillian Jones argued that Wen was the “front man” who converted cash into bitcoin and back into cash from China, noting that she should have known the money was obtained illegally. According to prosecutors, she lived in a $5 million home with rent of $17,000 a month and spent thousands of pounds on designer clothes.

Wen’s representative, Mark Harries, said she was the victim of a skilled criminal supervillain who used and abandoned her because she was reliable and expendable.

While Wen said she was trying to give her son a better life, Judge Sally-Ann Hales found there was no doubt that she knew the woman was dealing in proceeds of crime.

The evidence showed that you, and to some extent members of your family, were generously rewarded for your services.”

Authorities seized 61,000 BTC

British Police launched an investigation into the incident and seized crypto wallets containing more than 61,000 Bitcoin worth around $1.7 billion in 2021. Due to the rise in the price of Bitcoin as it gained market acceptance, the assets are now worth over $3.8 billion. This is now one of the highest Bitcoin seizures in the history.

Wen was charged with three counts of money laundering and found guilty of one count by a jury at Southwark Crown Court.

Also read: Court in Montenegro blocks extradition of Do Kwon

David Pokima

David is a financial news writer with 4 years of experience in blockchain technology and cryptocurrencies. He is interested in new technologies and has an eye for breaking news. David stays up to date with trends and reports on various niches including regulation, partnerships, crypto assets, stocks, NFTs, etc. Away from the financial markets, David enjoys cycling and horseback riding.

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