A Chinese-British Woman Faces Charges for Laundering Bitcoin
A woman named Jian Wen is currently facing charges in London for her alleged involvement in helping a fugitive, Yadi Zhang, launder Bitcoin. Zhang had obtained the Bitcoin from a previous investment fraud that affected thousands of investors. Authorities have seized over 61,000 Bitcoin that were obtained from $6.34 billion stolen by Zhang from investors in China.
A Fake Chinese Investment Scheme
Zhang, also known as Zhimin Qian, operated a fake wealth management scheme and stole £5 billion ($6.34 billion) from unsuspecting investors in China between 2014 and 2017. The stolen funds were later converted into Bitcoin. In 2017, Zhang fled to London and assumed a fake identity to evade Chinese authorities. Wen, who became a British citizen in 2018, is accused of being the front person for Zhang.
According to the prosecution, Wen helped Zhang convert some of the stolen Bitcoin into property, cash, jewelry, and luxury items. Wen attempted to purchase a London property worth £12.5 million for Zhang in 2018 but failed as the law firm involved could not verify the source of the Bitcoin. Wen has pleaded not guilty and claims that she believed the Bitcoin was obtained legitimately.
A Monumental Seizure
In 2018, the Metropolitan Police seized over 61,000 BTC from four separate devices found in a safety deposit box and a property where Wen and Zhang resided. The value of all the confiscated crypto is now worth £1.4 billion ($1.77 billion), making it one of the largest seizures globally. It is estimated that at the current price of Bitcoin, the seized BTC is valued at $2.6 billion.
While Wen’s trial is ongoing, Zhang has fled the United Kingdom and remains at large. In a separate case, German police seized over 50,000 Bitcoin worth over $2 billion from two individuals who violated copyright laws through a piracy website.
Hot Take: Chinese-British Woman Charged with Laundering Bitcoin in London
A Chinese-British woman, Jian Wen, is currently facing charges in London for her alleged involvement in helping fugitive Yadi Zhang launder Bitcoin. Zhang had obtained the Bitcoin from a previous investment fraud that affected thousands of investors. Authorities have seized over 61,000 Bitcoin that were obtained from $6.34 billion stolen by Zhang from investors in China. Wen, who became a British citizen in 2018, is accused of being the front person for Zhang and helping her convert the stolen Bitcoin into various assets. The trial is ongoing while Zhang remains at large.
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