UK Woman Jailed 6 Years for Crypto Fraud

A UK Woman named Wen allegedly converted crypto into cash and property for almost seven years to help hide the proceeds of a $6.4 billion fraud.

After being tried on Friday, Jian Wen was found guilty of a single count of money laundering and sentenced to six years in prison, as reported by Bloomberg.

Woman Found Guilty in One of the Largest Crypto Seizures

In March, at Southwark Crown Court, Wen, 42, was previously found guilty of one count of money laundering. She denied three charges, claiming she did not know bitcoin was linked to crime. The jury couldn’t decide on the other two counts.

While handing down the sentence on Friday, May 24, Judge Sally-Ann Hales said the offense was “sophisticated and involved significant planning”. She doubted if Jian Wen was aware of the crime she was committing. 

British police seized over 61,000 bitcoins during their investigation. At the time, they were worth around £1.4 billion. Today, their value has increased to over £3 billion.

North Korea Linked to New Crypto Laundering Case

On May 15, the United Nations agency confirmed in a filed document that North Koreans have been linked to a $147.5 million crypto laundering case. This crime was reported to be facilitated by the virtual platform Tornado Cashback in March.

In other news, the Hong Kong authorities busted three individuals on April 19 who were involved in a cryptocurrency money laundering operation worth an estimated $230 million.

Also, according to a press release on May 17, Binance announced that it is working with Taiwan’s Ministry of Justice Investigation Bureau and the Taipei District Prosecutors Office to address a case of cryptocurrency-assisted money laundering worth $6 million.