woman arrested in possession of 2 billion pounds (GBP) of cryptocurrencies

It is the largest cryptocurrency seizure in UK history. A woman has just been found guilty of setting up a vast money laundering enterprise, which used several billion dollars of cryptocurrencies. What do we know about the case?



Woman arrested in London with GBP 2 billion in cryptocurrencies

According to the BBC, the convicted person, named Jian Wen, was arrested while in possession of cryptocurrencies worth 2 billion British pounds (GBP), or 4.3 billion pounds at current prices. This is the largest seizure of cryptoassets in UK history. The person ostensibly ran a jewelry business, but in reality used this storefront to hide a vast money laundering operation.

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Jian Wen specialized in converting assets into physical goods. Her β€œclients” provided funds, including cryptocurrencies, which she then exchanged to make purchases of houses, apartments or luxury cars. Originally from Leeds, she moved to North London, where she was able to send her son to a private school, thanks to the profits from her business.

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Jewelry in Zurich and properties in Dubai

She had tried to buy properties in London, but came up against anti-money laundering verification procedures. Jian Wen claimed to have obtained these funds strictly by mining Bitcoin. She had failed to convince the regulatory authorities. Jian Wen then traveled to Zurich and Dubai, where she purchased luxury jewelry and properties.

πŸ‘‰ Also in the news – Terra (LUNA) founder Do Kwon released from prison

Detective Jason Prins, who supervised the case, claimed that criminal networks could use cryptocurrencies:

” (That) watch how international criminals are trying to exploit cryptocurrency for illicit purposes.Β»

The investigation, which lasted five years, brought to light another suspect, but he is on the run according to the BBC. Jian Wen is awaiting a verdict: it will take place on May 10. In any case, the case shows that international authorities are now equipped to track and detect fraud using cryptocurrencies.

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Source: BBC

Image: Metropolitan Police

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