Hospitality employee convicted of money laundering after being apprehended with $2.5B worth of Bitcoin

A hospitality worker in the United Kingdom has been convicted of money laundering after authorities discovered $2.5 billion worth of Bitcoin in her possession. Jian Wen, who used Bitcoin to buy expensive properties and jewelry, was found guilty by the Southwark Crown Court, which specializes in major fraud cases. The investigation involved analyzing 48 electronic devices and translating thousands of digital files from Mandarin. Wen’s sudden change in lifestyle, from living above a Chinese restaurant to renting a luxurious six-bedroom house in North London, raised suspicions. Authorities began investigating her after she attempted to purchase a $30 million mansion in London. Despite claiming to have earned millions from Bitcoin mining, Wen faced difficulties passing money-laundering checks when she tried to buy other expensive houses in the city. The UK police hailed the seizure of the $2.5 billion in Bitcoin as the largest of its kind in the country. Wen has been convicted of participating in a money laundering arrangement and will be sentenced on May 10. Chief Crown Prosecutor Andrew Penhale highlighted the increasing use of digital assets in criminal activities. However, a recent report from the US Treasury Department contradicted the claim that cryptocurrencies are the popular choice for money laundering, stating that cash remains the preferred method. The report emphasized the anonymity and stability of cash as a means of laundering illicit proceeds. Similarly, Nasdaq’s “Global Financial Crime Report” did not mention Bitcoin or cryptocurrencies when discussing financial crimes in the past year. The report estimated that $3.1 trillion in illicit funds passed through the global financial system in 2023.