Jian Wen, a 42-year-old British citizen, was involved in helping to conceal the funds of a Chinese national, described as a "fugitive criminal" who "orchestrated" a massive investment fraud worth nearly $6 billion.
Between 2017 and 2022, #Wen played a key role in the operation, which came to light during a London police investigation.
In 2018, the seizure of more than £1.7 billion in bitcoins from the mansion Wen shared with "ringleader" Shimin Qiang was a major milestone in the case, highlighting the scale of the illegal activity.
After a thorough trial, the jury found Jian Wen guilty on one count of money laundering, with two other counts outstanding. The Crown Prosecution Service decided to focus on the sentence already handed down and not seek a retrial on the remaining charges.
Wen, who has consistently denied guilt, argued that the defense was unaware of the illegal source of the funds he controlled. Sentencing is scheduled for May 10.
The trial revealed a complicated history of money laundering and rapid changes in Wen's lifestyle that have been puzzling. Wen used to work at a fast food diner, but his relationship with defendant Zhiming Qiang led him into a world of luxury characterized by affluence and overseas travel, a stark contrast to his previous lifestyle.
This change in lifestyle, brought about by the proceeds of the fraudulent scheme, was important evidence for understanding the depth of the scheme. Qian Zhimin, described as a "supervillain," managed to defraud some 130,000 investors through a complex network of investment companies and offices across China.
The trial revealed an extensive network of "intermediaries and experts" who facilitated the laundering of #bitcoin money by enabling the purchase of assets in the UK, Europe and Dubai. London's Metropolitan Police called the verdict a serious breach of "sophisticated economic criminal activity" and emphasized the role of #cryptocurrencies in modern financial crime.
As for bitcoin, the asset is showing a downward trend.
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