Bitcoin Launderer Caught After Attempt to Purchase Luxury Properties
Jian Wen, a British-Chinese woman, was sentenced to six years and eight months in jail by London’s Southwark Crown Court on May 24. Wen was involved in laundering over $1 million worth of Bitcoin (BTC) in connection with a $6.3 billion fraud in China. The former hospitality worker was apprehended when a local law firm asked Know Your Customer (KYC) questions during her attempt to buy multimillion-dollar properties in London, according to The Law Society Gazette.
Wen was convicted in March for her involvement in a money laundering arrangement. She laundered Bitcoin on behalf of her former boss, Yadi Zhang, who maintains her innocence. The Financial Times reported that Wen was not accused of being directly involved in the original fraud.
Wen’s lawyer, Mark Harries KC, argued that she was “undoubtedly duped and used.” However, Judge Sally-Ann Hales KC stated that she had “no doubt that” Wen “knew, rather than merely suspected, that [she] was dealing in the proceeds of crime.”
Ross Ulbricht Expresses Gratitude to Trump for Pardon Promise
Ross Ulbricht, the founder of the online black market Silk Road, expressed his appreciation for Donald Trump’s promise to commute his sentence if reelected. Ulbricht, who has served ten years of his life sentence with no parole, wrote in a May 26 post that he was thankful for Trump’s pledge. Ulbricht’s family manages his account, and he dictates posts from prison.
During a Libertarian Party Convention, Trump stated, “We’re going to get him home” in reference to Ulbricht’s case.
Coinbase’s “Stand with Crypto” Lobbying Initiative Expands to the UK
Coinbase’s crypto advocacy nonprofit, “Stand with Crypto,” has launched its first international expansion in the United Kingdom. In a blog post on May 24, Coinbase announced that its new British arm hosted a launch event at the U.K. Parliament, which was attended by approximately 100 individuals from the crypto industry, including workers, investors, academics, and the media.
Coinbase stated that the U.K. is its “largest international market” with over 6 million crypto holders.
In recent news:
– Bitcoin miner Marathon Digital has partnered with Kenya’s Energy Ministry to utilize underused energy for mining operations.
– Pro footballer Cristiano Ronaldo has released his fourth nonfungible token (NFT) collection with Binance, despite facing a class-action suit in Florida over his previous NFTs.
Magazine: UK Cannabis Millionaire’s Legal Transactions via Crypto, Known as “Deals on Wheels”