UK court jails woman for laundering $10 million worth of bitcoin tied to alleged $5.6 billion fraud: report
Jian Wen was sentenced to six years and eight months in jail for laundering 150 BTC tied to a $5.6 billion investment fraud.
Jian Wen, 42, with UK and Chinese citizenship, was sentenced to six years and eight months for money laundering 150 BTC, worth around $10.4 million at current prices. The bitcoin was part of a wider investment fraud operation, in which authorities seized 61,000 BTC valued at around $4.22 billion, related to a broader purported $5.6 billion scheme.
Wen claims to have laundered the funds on behalf of a Chinese woman between 2017 and 2022, maintaining that the woman was the "mastermind" behind the operation. Wen further states that she didn't know the true origin of the funds, and the court did not accuse her of participating in the broader fraud, Bloomberg adds. Wen had been working as a food delivery worker before taking part.
Bitcoin traded at $69,077.30 as of 2:25 p.m. ET (18:25 UTC) on May 24, according to The Block's pricing data. The token experienced a 3.04% increase of $2,035 in the past 24 hours.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Analytics Firm Says “Early Bull Run Has Begun” for Bitcoin and Shares What It Expects Next
Australian and New Zealand Dollars dig in ahead of a Japanese rate hike
Turkey Implements Multi-Pronged Emergency Measures: Nearly $20 Billion Fund Liquidation, Executives Arrested, Trading Ban
The Turkish Finance Minister stated that the risks are "temporary and controllable." Regulators will liquidate over one hundred funds managed by seven asset management companies, with portfolios involving more than 350,000 investors. Criminal charges have been filed against 38 individuals, along with a two-year trading ban. Several senior executives from financial institutions have been arrested, detained, or restricted from leaving the country. The central bank increased repo financing, relaxed capital requirements for banks, and raised the interbank money market borrowing limit to ten times its previous level. On Thursday, the Turkish bank stock index surged over 9%, while many small and mid-cap stocks continued to decline.
Crypto prices
More
