Hospitality employee convicted of money laundering after being apprehended with $2.5B worth of Bitcoin

A United Kingdom court specializing in major fraud cases has found a hospitality worker guilty of money laundering after discovering that she possessed $2.5 billion worth of Bitcoin. Jian Wen used Bitcoin to purchase expensive properties and jewelry, leading to her conviction. The investigation involved the examination of 48 electronic devices and thousands of digital files, many of which were translated from Mandarin. Wen’s sudden change in lifestyle, from living in a small flat to renting a luxurious house in North London, caught the attention of authorities. The attempted purchase of a $30 million mansion in London further raised suspicion and prompted the investigation. Despite claiming to have earned millions from Bitcoin mining, Wen faced challenges passing money-laundering checks when attempting to purchase other expensive houses. The U.K. police stated that this seizure of Bitcoin was the largest of its kind in the country. Wen has been convicted of being involved in a money laundering arrangement and is scheduled to be sentenced on May 10. Chief Crown Prosecutor Andrew Penhale highlighted the prominent use of digital assets in criminal activities. However, a recent report from the United States Treasury Department contradicts the belief that cryptocurrencies are a popular choice for money laundering, stating that cash remains the preferred option due to its anonymity and stability. The report also revealed that the stock exchange company Nasdaq’s “Global Financial Crime Report” did not mention Bitcoin or cryptocurrency in relation to financial crime. The report estimated that around $3.1 trillion in illicit funds flowed through the global financial system in 2023.