The Crypto Queen, Ruja Ignatova’s accomplice, Jian Wen, has been sentenced to six (6) years over a Bitcoin laundering crime.
Wen’s residence was investigated by the police on October 31, 2018, during which they discovered and seized a wallet containing 61,000 Bitcoins. Since then, the confiscated Bitcoin has increased in value from £1.4 billion to more than £3 billion ($4 billion).
Yadi Zhang (also known as Zhimin Qian and labeled “Crypto Queen”) allegedly recruited Wen, 42, to play the role of a “front person” for the operation.
Between 2014 and 2017, Zhang is accused of defrauding 130,000 Chinese investors of $5.6 billion. Earlier this month, she was reportedly detained in the United Kingdom.
We endeavored to acquire esteemed properties in London, including a mansion in Hampstead valued at £23.5 million and a property equipped with opulent amenities priced at £12.5 million. The purchases were canceled due to anti-money laundering checks triggered by these transactions; Wen could not explain the origin of the Bitcoin.
Wen testified at her trial that she needed to be informed of the fraudulent source of the funds, and her sole intention was to better the lives of herself and her son. The prosecution posited that her motivation was a monetary gain for her benefit.
Wen was not implicated in the initial fraudulent activity.
A jury condemned Wen in March of last year on one count of money laundering involving 150 BTC worth approximately £8 million ($10 million).
Judge Sally-Ann Hales disclosed that more than 128,000 investors funded the scheme with 40 billion Renminbi (approximately $5.6 billion).
She elaborated, “A portion of the fraudulent proceeds were converted to Bitcoin, transferred to a cryptocurrency wallet, and concealed using a laptop while traveling out of China.”
Wen, who claimed monthly incomes of £12,800 (approximately $16,200) in 2015 and £5,979 (roughly $7,600) in 2016, respectively, upgraded to a six-bedroom London apartment in 2017 and paid over £17,000 (approximately $21,600).
It was claimed that Wen and her employer managed a global jewelry enterprise, with Wen assuming the role of the “front person.” Additionally, they financed the relocation of Wen’s son from China to the United Kingdom so that he could attend a private school and acquired two properties in Dubai.
According to the CPS press release, Wen is guilty of converting “substantial sums” of Bitcoin into cash and other assets on behalf of her employer.
Crackdowns on cryptocurrency money trafficking
The laundering of cryptocurrencies has had a profound effect on investors as it compromises the trustworthiness of the digital asset market.
The relative anonymity of cryptocurrencies is utilized by criminals to launder the proceeds of various offenses, including cybercrime, fraud, and theft.
According to a recent report by Crypto, Daren Li and Yicheng Zhang were apprehended report. News, in connection with laundering a minimum of $73 million via shell companies affiliated with cryptocurrency investment schemes.
Their activity entailed supervising a global syndicate laundering funds obtained through fraudulent cryptocurrency investment schemes.
Millions of dollars were fraudulently transferred to U.S. bank accounts on behalf of the victims via shell corporations.
The funds were transferred to many domestic and international cryptocurrency platforms and bank accounts to conceal their provenance, characteristics, ownership, and management.
Li and Zhang have been indicted on charges of conspiracy to launder money and international money laundering, highlighting the continuous endeavors to combat unlawful operations within the domain of cryptocurrencies.
