Report: Woman Sentenced to Nearly Seven Years in Prison for Money Laundering $6.4 Billion in Bitcoin from Fraud Scheme
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Report: Woman Sentenced to Nearly Seven Years in Prison for Money Laundering $6.4 Billion in Bitcoin from Fraud Scheme

A Chinese woman who played a role in concealing the proceeds of a massive fraud scheme has been sentenced to prison, according to Reuters. Wen Jian was found guilty of money laundering in March and was recently given a six-year, eight-month sentence. Prosecutors allege that Wen converted stolen Bitcoin into cash and assets to hide the origins of the money, which was believed to have been taken from approximately 130,000 investors in a $6.4 billion scam that occurred in China between 2014 and 2017. The scheme was reportedly orchestrated by another woman who fled to the UK when Chinese authorities began investigating. Wen is said to have acted as a front person, helping to convert the stolen funds into Bitcoin in order to move them out of China. She denies the money laundering charges, claiming she was simply trying to provide a better life for her son. However, prosecutors argue that she should have been aware that the money was obtained illegally. While the judge acknowledged that there was no evidence of Wen’s involvement in the underlying fraud, she stated that there was no doubt that Wen knew she was dealing with criminal funds. This case involves one of the largest cryptocurrency seizures in history, as British police confiscated over 61,000 BTC valued at around $1.8 billion at the time in 2021. The seized Bitcoin is now worth approximately $4.2 billion at the current price of $69,227.61 per BTC.

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