This China Bitcoin (BTC) Fraud Dwarfs Recent Crypto Crime Stats

The UK government is investigating Jian Wen, a British-Chinese woman, for laundering $6 billion worth of Bitcoin from a crime committed in China. The crypto funds came from a multi-year wealth management crime conducted by a woman called Yadi Zhang.

Zhang reportedly stole the money between 2014 and 2017 in China and converted the funds to Bitcoin before arriving in London under a false identity. Wen helped Zhang to convert Bitcoin into cash, jewelry, and other big-ticket items.

Bitcoin Crypto Charges Different From China Crime

According to the UK Crown Prosecution, Zhang was not involved in the multi-billion dollar fraud. Instead, the prosecution argues, she was the one who shielded Zhang from law enforcement.

Wen said she thought her former boss was an above-board businesswoman who made her fortune from jewelry, Bitcoin, and property. The trial may continue until early March.

The use of Bitcoin to launder criminal proceeds has been scrutinized by authorities globally in 2023. Last year, they charged digital payment and crypto companies around $5 billion for various anti-money laundering failures. Crypto exchange Binance bore the brunt of the penalties, incurring a $4.3 billion fine from US regulators.