Chinese Bitcoin Laundering Duo: One Sentenced, Accomplice Awaits Trial
A Chinese national, Jian Wen, has been sentenced to over six years in prison for his role in a bitcoin laundering scheme. Meanwhile, his accomplice, Zhimin Qian, awaits sentencing after pleading guilty at a London court.
The pair were involved in a massive bitcoin fraud that targeted over 128,000 victims in China between 2014 and 2017. Qian, also known as Yadi Zhang, admitted her guilt at Southwark Crown Court. The trial, which began on September 29, revealed that Qian had fled China using fake documents to enter the UK.
The Metropolitan Police have seized 61,000 bitcoins, currently worth over £5bn ($6.7bn), believed to be the world's largest cryptocurrency seizure. This action follows the guilty plea of Qian, who admitted to helping launder the proceeds of the fraud through Wen's Chinese takeaway business.
Wen was sentenced to 73 months in prison for his role in the laundering operation. Qian awaits her sentencing. The massive bitcoin seizure highlights the growing role of cryptocurrencies in global financial crimes and the efforts of law enforcement to combat them.
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