UK hospitality worker found guilty of laundering $2.5B in Bitcoin, largest crypto seizure for money laundering.
A former hospitality worker in the United Kingdom has been convicted of laundering a staggering $2.5 billion worth of illegally obtained Bitcoin, in what authorities are calling the largest cryptocurrency seizure ever made in the country.
“Bitcoin and other cryptocurrencies are increasingly being used by organized criminals to disguise and transfer assets, so that fraudsters may enjoy the benefits of their criminal conduct.
This case, involving the largest cryptocurrency seizure in the UK, illustrates the scale of criminal proceeds available to those fraudsters,” said Andrew Penhale, Chief Crown Prosecutor.
Jian Wen, a 42-year-old British citizen, was found guilty on Wednesday by the Southwark Crown Court on one count of money laundering. The jury was unable to reach a verdict on two other charges against her related to the case.
According to prosecutors, Wen went from living a modest lifestyle above a Chinese restaurant in Leeds to renting a six-bedroom house costing about $21,420/mo after meeting a Chinese national named Yadi Zhang, who is believed to be the source of the ill-gotten Bitcoin fortune.
Her lavish spending raised red flags.
Between 2017-2018, Wen also attempted to purchase several multi-million-pound properties across London, valued at £4.5 million, £23.5 million, and £12.5 million, but failed due to KYC restrictions.
The investigation that led to Wen's conviction spanned over five years and involved analysis of 48 electronic devices and thousands of files, many requiring translation from Mandarin. It was ultimately the attempted $30 million purchase of a London mansion that raised the final red flag prompting scrutiny.
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