Women sentences to 7 years of jail for laundering 150 Bitcoins: $5.6B Bitcoin scam


A UK-based court ruled 7 years of jail punishment against a woman for her involvement in $5.6 billion worth of Bitcoin fraud.

Cryptocurrencies are legal but not legal tender in the UK’s jurisdiction. The Financial Conduct Authority (FCA) regulates the crypto companies & ensures all virtual asset service providers follow AML/CTF rules perfectly. In the past, many times the FCA body warned of crypto investment risks.

On 24 May 2024, The Southwark Crown Court in London, UK, sentenced a woman named Jian Wen to jail for money laundering 150 Bitcoins tied to a 5.6 billion dollar Bitcoin investment fraud.

For involvement in the Bitcoin fraud & 150 BTC money laundering, Wen will spend 7 years in jail. 

By profession, Wen was a fast food worker but later she was involved in Bitcoin money laundering from the UK to China between 2017 to 2022. 

So far the UK law enforcement authorities seized over 61,000 Bitcoin valued at over US$4 billion in this case, which is itself a very big achievement against Bitcoin fraudsters.

Court proceedings proved that Wen was fully aware of the scam & illegal activities in which she was involved but she denied all the allegations & portrayed herself as a victim who merely followed instructions from a woman.

Prosecutors said Wen Jian acted as a “front person” for the main fraudster, helping to change stolen money into bitcoin, send it out of China, and then turn it back into cash.

Bitcoin’s transparent nature vs challenges 

Bitcoin & other cryptocurrencies usually face huge criticism from the traditional financial system supporters for several reasons.

It is a bitter truth that the Cash form of any currency can’t be traced but in the case of Bitcoin everything remains transparent & the transactions can be traced easily. 

Because of the financial transaction transparency, the Bitcoin blockchain network became a helpful tool for enforcement agencies to trace the bad actors who use Bitcoin payment in illegal activities.

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