British Woman Convicted of Laundering $6 Billion in Bitcoin

A London jury has found 42-year-old Jian Wen guilty of laundering $6 billion in bitcoin linked to fraud in China, according to Bloomberg.

Between 2017 and 2022, the accused assisted in legitimizing criminal funds for one Zhimin Qian, whom prosecutors described during hearings as a “supervillain.”

Investigators claim the fraudulent scheme in China defrauded over 130,000 investors.

During a 2018 raid on Wen and Jian’s residence, police seized the first cryptocurrency valued at over $2.2 billion.

The defendant denied all charges. Her lawyer claims she was unaware of the alleged fraud in China or that the money she traded was illicitly obtained.

Jian arrived in the UK in September 2017 under the alias Yadi Zhang and fled in 2020, two days before a scheduled interview with London police. Her whereabouts have been unknown since her escape.

Wen worked at a fast-food restaurant in East London before collaborating with Jian. Within weeks, she transitioned from living in the restaurant’s basement to a luxurious lifestyle, including a six-bedroom house.

“We successfully disrupted a complex economic crime operation, highlighting how international fraudsters seek to exploit cryptocurrency,” stated London police.

Jian was only convicted of money laundering, as authorities failed to prove her involvement in financial fraud. She is likely to face a substantial fine.

In March, the U.S. Securities and Exchange Commission charged 17 employees of the CryptoFX pyramid scheme, with damages amounting to $300 million.

A New York jury found two former promoters of the IcomTech crypto scam guilty of conspiracy involving electronic communications.