Receptionist found guilty of money laundering for 2.5B Bitcoin

A woman hospitality worker has been accused of money laundering after she received $2.5 billion worth of bitcoins (BTC) in a serious fraud case in the UK's Special Court.

According to a recent BBC report, Southwark Crown Court found Jian Wen used Bitcoin to launder money to buy “multi-million pound homes and jewellery”. The investigation involved examining 48 electronic devices and thousands of digital files, many of which were translated from Mandarin.

It was Wen's change in lifestyle that caught the authorities' attention. In the year In 2017, she reportedly moved from living in a flat above a Chinese restaurant to a six-bedroom house in north London that rents for $21,420 a month.

On January 31, Cointelegraph reported that an attempt to buy a $30 million mansion in London was the latest red flag for authorities to investigate her.

In the same year, she tried to buy a series of expensive houses in London, but it is said that she faced challenges in passing financial references, although she earns millions from Bitcoin mining.

Related: German authorities seize 50 thousand BTC linked to extortion websites

UK police said the operation was the “biggest ever seen in the UK”. Wen has been charged with “engaging in or being concerned with money laundering” and is due to be sentenced on May 10.

CPS Chief Crown Prosecutor Andrew Penhale has reiterated the huge use of digital assets in crime in recent times:

“Bitcoin and other cryptocurrencies are being used by organized criminals to hide and transfer assets, allowing fraudsters to reap the benefits of their criminal activities.”

However, a recent report from the US Treasury Department contradicts authorities' common claim that crypto is a common choice for money laundering, stating that cash remains the preferred option.

In the year On February 8, Cointelegraph reported that the Treasury maintained the anonymity and stability of cash as a means of payment as a preferred method of disguising illegal income.

At the same time, the stock exchange company Nasdaq recently released the “Global Financial Crime Report” which highlights data related to financial crime last year, and there is no mention of Bitcoin or crypto.

However, by 2023, it estimates that nearly $3.1 trillion in illicit funds will flow through the global financial system.

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