A UK woman has been found guilty of counterfeiting bitcoins and jailed in connection with a $6 billion Chinese fraud.

Jian Wen, a former startup worker from North London, was found guilty of one count of money laundering in 2018 after being found with more than $2.5 billion (£2 billion) worth of bitcoins.

Jian Wen, also known as Be Wen, helped a Chinese man known as Zhang Yadi, whose real name is Qian Zimin, impersonate BTC funds.

The issue of Bitcoin impersonation

Wen was found with over £2 billion worth of Bitcoin, which she was involved in turning into assets such as multi-million pound homes and jewellery. Living in a flat above a Chinese restaurant in Leeds, Wen's lifestyle takes a drastic turn when she becomes involved in crime for the first time.

Wen's attempts to legitimize her newfound wealth by claiming to have made millions through legitimate bitcoin mining are not believed. When she tried to buy expensive properties in London, she faced difficulties in passing money laundering checks.

According to the investigation, another suspect, Zhang Yadi, is believed to be the perpetrator of the fraud. Prosecutors allege Wen helped Zhang divert money stolen from a fraudulent wealth scheme targeting thousands of Chinese investors.

During the investigation, British police seized wallets containing more than 61,000 BTC, one of the largest cryptocurrency seizures worldwide. Early estimates put Bitcoin funds at around £2 billion, but due to price fluctuations, that has since risen to around £3.4 billion.

The Crown Prosecution Service (CPS) has obtained a freezing order from the High Court as part of a civil recovery investigation into the possible disappearance of Bitcoin.

Wen was found guilty of money laundering

During the trial, prosecutor Gillian Jones told Zhang that in 2010 He entered Britain on a false passport in 2017, as Chinese authorities investigated the fraud. Zhang wanted to convert the stolen funds, first converting to Bitcoin to get out of China and using Wen as a “front man”.

Her defense cast her as a victim of being deceived by Zhang, implying her intention to give her son a better life. However, prosecutors argued that given Zhang's criminal record and efforts to evade Chinese authorities, Wen should have known the illegal source of the money. Despite this, the jury found her guilty of one count of money laundering.

CPS chief prosecutor Andrew Penhale pointed out that organized criminals are increasingly using cryptocurrencies to hide and transfer assets. This case shows the huge income available to such fraudsters, he said.

Detective Chief Superintendent Jason Prince, who led the investigation, emphasized the international nature of the operation, showing how criminals use cryptocurrencies for illegal purposes.

Wen in 2010