Chinese Woman Sentenced to Over 6 Years Jail Term in 61,000 BTC Fraud Case

Chinese Woman Sentenced to Over 6 Years Jail Term in 61,000 BTC Fraud Case Dmartpreneur

A 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 between 2014 and 2017 have rocked crypto spaces due to the huge amount involved.

Wen Jian Sentenced in Bitcoin Case 

The defendant was accused of hiding funds allegedly stolen from about 130,000 Chinese investors between 2014 and 2017, Reuters reported. A court in London sentenced her to six years and eight months in jail for her role in converting Bitcoin to cash and property worth approximately $6.4 billion. However has was not accused of being involved in the underlying fraud as the mastermind was another woman, prosecutors say. 

Prosecutor Gillian Jones argued that Wen was the “front person” used to convert cash to Bitcoin and back to cash out of China noting that she should have known the money was illegally obtained. According to prosecutors, she lived in a $5 million house with a rent of $17,000 per month while spending thousands of pounds on designer clothes. 

Wen’s representative, Mark Harries said she was a victim of an expert criminal supervillain who used and abandoned her because she was dependable and expendable. 

While Wen said that she was trying to provide a better life for her son, Judge Sally-Ann Hales held that there was no doubt she knew the woman was dealing in criminal proceeds.

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

Authorities Seized 61,000 BTC

UK police launched an investigation into the incident and seized crypto wallets holding more than 61,000 Bitcoin worth around $1.7 billion in 2021. Due to the increase in the price of Bitcoin as market adoption soared, the assets are now worth over $3.8 billion. This now ranks as one of the highest Bitcoin seizures in history.

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

Also Read: Do Kwon Extradition Blocked by Montenegro Court 

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