Hospitality worker jailed for $2.5B Bitcoin laundering scheme

cyptouser4 months agoCryptocurrencies News62
55966e89>

The hospitality worker who was found in possession of $2.5 billion in Bitcoin and was convicted of money laundering charges by a United Kingdom specialized court in March was jailed for six years and eight months on May 24.

According to a BBC report, the hospitality worker Jian Wen, 42, from Hendon, in north London, was found guilty of money laundering charges for converting the fiat currency into crypto assets, including multi-million-pound houses and jewelry. The $2.5 billion Bitcoin (BTC) seizure was deemed the largest of its kind in the U.K.

The authority’s suspicion was based on Wen's change in lifestyle. In 2017, she reportedly moved to a six-bedroom mansion in North London costing about $21,420 a month after living in an apartment above a Chinese restaurant.

During the investigation, the police examined 48 electronic devices and thousands of digital files, many of which were translated from Mandarin.

The $2.5 billion Bitcoin case closely resembles the 2016 Bitfinex hack, where over $2 billion worth of Bitcoin was also stolen.

The hackers tried moving the funds nearly seven years after the exploit but were eventually caught by the United States authorities. In both cases, the perpetrators were caught while attempting to cash out their BTC. Ultimately, their extravagant lifestyle was the primary reason for their capture.

Related: German authorities seize 50K BTC connected to piracy websites

Critics frequently highlight such incidents to cast a negative light on cryptocurrency, arguing that it is commonly used for money laundering.

However, a recent report from the U.S. Treasury Department challenges this widespread belief, suggesting that cryptocurrency is not a popular choice for money laundering.

While digital assets are vulnerable to exploits and hacks owing to third-party shortcomings, decentralized technology is still prominent in tracking down those exploiters.

The Bitfinex hackers waited seven years before moving the funds, only to be caught. Similarly, many scammers and hackers have been apprehended, and stolen funds recovered, thanks to distributed ledger technology, which enables the tracking of these funds.

Magazine: China will intensify Bitcoin bull run, $1M by 2028: Bitcoin Man, X Hall of Flame

The content on this website comes from the Internet. Due to the inconvenience of proofreading the authenticity and accuracy of the copyright or content of some content, it may be temporarily impossible to confirm the authenticity and accuracy of the copyright or content. For copyright issues or other issues caused by this, please Call or email this site. It will be deleted or changed immediately after verification.

related articles

‘Superintelligence within just a few years’ — SingularityNET CEO

55966e89˃The Artificial Superintelligence Alliance (ASI), formed by decentralized platforms Singular...

DeFi’s ‘unknown and unpredictable’ risks curb institutional use — Fireblocks VP

DeFi’s ‘unknown and unpredictable’ risks curb institutional use — Fireblocks VP

1205f261˃Institutional investors have a “growing interest” in decentralized finance (DeFi) but are h...

Global banks participate in large-scale blockchain pilot test

b98df8a0˃Major financial institutions, including Goldman Sachs, BNY Mellon and Cboe Global Markets,...

US SEC is ‘bent on choking’ the crypto industry — Coinbase

US SEC is ‘bent on choking’ the crypto industry — Coinbase

55966e89˃The United States Securities and Exchange Commission (SEC) will continue its regulation-by-...

Trump reaffirms pledge to end Biden’s 'war on crypto' at Wisconsin rally

Republican US presidential candidate Donald Trump pledged to “end Joe Biden’s war on crypto...

ZachXBT claims he is being ‘borderline harassed’ by US law enforcement

ZachXBT claims he is being ‘borderline harassed’ by US law enforcement

92485d12˃Blockchain investigator ZachXBT has alleged that he’s been the target of what he deems as b...