Chinese National on Trial in UK for $6.5 Billion Bitcoin Fraud
A Chinese national named Wen Jian is currently facing trial in the UK for an alleged $6.5 billion Bitcoin (BTC) fraud. It is reported that Wen Jian converted BTC into cash and property as part of a money laundering scheme that took place in China between 2014 and 2017.
Accused of Hiding Fraudulent Sources
Wen Jian is accused of attempting to conceal the fraudulent sources of the money, which was allegedly stolen from over 100,000 Chinese residents. However, she denies the three counts of money laundering brought against her. The prosecutors clarify that Wen Jian was not involved in the initial fraud.
Unidentified Fraud Orchestrator
The orchestrator of the fraud, identified as Qian Zhimin or Zhang Yadi, was also a beneficiary. After Chinese authorities began investigating the fraud in 2017, Zhang fled to Great Britain under a fake name. While many individuals associated with the scheme have been arrested in China, Zhang’s whereabouts remain unknown.
No Compensation for Defrauded Investors
The report indicates that defrauded Chinese investors have yet to recover their money. Wen Jian allegedly acted as a “front person” to help hide the source of the illicit funds, which Zhang planned to launder through Bitcoin and other properties.
Jury to Determine Awareness of Stolen Funds
A jury will decide whether Wen Jian was aware that the money was stolen or not. The trial is expected to conclude by the end of March.
Hot Take: Woman Accused of Laundering Billions through Bitcoin Faces Trial
A Chinese national is currently on trial in London for her alleged involvement in a $6.5 billion Bitcoin fraud. Wen Jian is accused of converting Bitcoin into cash and property as part of a money laundering scheme that defrauded over 100,000 Chinese residents between 2014 and 2017. Although she denies the charges, prosecutors claim that she acted as a “front person” to hide the source of the funds. The orchestrator of the fraud, Qian Zhimin or Zhang Yadi, fled to the UK under a fake name, and their whereabouts are still unknown. As the trial progresses, a jury will determine if Wen Jian was aware of the stolen money or not.
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