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

A Chinese language girl, Wen Jian, accused of cash laundering within the notorious 61,000 Bitcoin (BTC) fraud case has been sentenced to almost seven years in jail. The incidents which date again between 2014 and 2017 have rocked crypto areas as a result of big quantity concerned.

Wen Jian Sentenced in Bitcoin Case 

The defendant was accused of hiding funds allegedly stolen from about 130,000 Chinese language buyers between 2014 and 2017, Reuters reported. A court docket in London sentenced her to 6 years and eight months in jail for her position in changing Bitcoin to money and property price roughly $6.4 billion. Nevertheless has was not accused of being concerned within the underlying fraud because the mastermind was one other girl, prosecutors say. 

Prosecutor Gillian Jones argued that Wen was the “entrance particular person” used to transform money to Bitcoin and again to money out of China noting that she ought to have recognized the cash was illegally obtained. In keeping with prosecutors, she lived in a $5 million home with a lease of $17,000 monthly whereas spending 1000’s of kilos on designer garments. 

Wen’s consultant, Mark Harries stated she was a sufferer of an skilled prison supervillain who used and deserted her as a result of she was reliable and expendable. 

Whereas Wen stated that she was making an attempt to supply a greater life for her son, Decide Sally-Ann Hales held that there was little doubt she knew the lady was dealing in prison proceeds.

“The proof confirmed you, and to some extent, members of your loved ones have been generously rewarded to your service.” 

Authorities Seized 61,000 Bitcoin 

UK police launched an investigation into the incident and seized crypto wallets holding greater than 61,000 Bitcoin price round $1.7 billion in 2021. As a result of improve within the value of Bitcoin as market adoption soared, the property at the moment are price over $3.8 billion. This now ranks as one of many highest Bitcoin seizures in historical past.

Wen was charged with three counts of cash laundering and located responsible on one rely by jurors at Southwark Crown Courtroom. 

Additionally Learn: Do Kwon Extradition Blocked by Montenegro Court 

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David is a finance information contributor with 4 years of expertise in Blockchain Expertise and Cryptocurrencies. He’s keen on studying about rising applied sciences and has a watch for breaking information. Staying up to date with tendencies, David reported in a number of niches together with regulation, partnerships, crypto property, shares, NFTs, and many others. Away from the monetary markets, David goes biking and horse using.

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