A hospitality worker in the United Kingdom has been found guilty of money laundering after authorities discovered that she possessed $2.5 billion worth of Bitcoin. The Southwark Crown Court, which specializes in major fraud cases, convicted Jian Wen of using Bitcoin to purchase expensive properties and jewelry. The investigation involved analyzing 48 electronic devices and numerous digital files, many of which were translated from Mandarin.
Wen’s sudden change in lifestyle caught the attention of authorities. In 2017, she went from living in a flat above a Chinese restaurant to renting a luxurious six-bedroom house in North London for approximately $21,420 per month. Her attempt to buy a $30 million mansion in London further raised suspicions and prompted the investigation.
Throughout the year, Wen made several unsuccessful attempts to purchase expensive houses in London, as she faced difficulties passing money-laundering checks despite her claims of earning millions from Bitcoin mining.
The U.K. police have described the seizure of the $2.5 billion worth of Bitcoin as the largest of its kind in the country. Wen has been convicted of participating in a money laundering arrangement and is scheduled to be sentenced on May 10.
Chief Crown Prosecutor Andrew Penhale emphasized the increasing use of digital assets in criminal activities. However, a recent report from the United States Treasury Department contradicts the common belief that cryptocurrencies are a popular choice for money laundering. The report states that cash remains the preferred option due to its anonymity and stability.
Nasdaq, a stock exchange company, also released a recent report on global financial crime, which does not mention Bitcoin or cryptocurrencies. The report estimates that around $3.1 trillion in illicit funds flowed through the global financial system in 2023.
In other news, a Bitcoin enthusiast known as the “Bitcoin Man” predicts that China will intensify the Bitcoin bull run, with the cryptocurrency reaching $1 million by 2028. This bold prediction comes from X Hall of Flame, a renowned figure in the world of Bitcoin.