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?

https://cryptoast.fr/feed/

https://cryptoast.fr/londres-femme-arretee-43-milliards-dollars-cryptoentreprises/

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.

πŸ‘‰ Find our guides and tutorials to learn more about cryptocurrencies

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.

Zengo: the ultra-secure mobile wallet for your cryptos

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.

Join the Cryptoast community on Discord

Source: BBC

Image: Metropolitan Police

Newsletter 🍞

Receive a summary of crypto news every Monday by email πŸ‘Œ

What you need to know about affiliate links. This page may feature investment-related assets, products or services. Some links in this article may be affiliated. This means that if you buy a product or register on a site from this article, our partner pays us a commission. This allows us to continue to offer you original and useful content. There is no harm to you and you can even get a bonus using our links.

Investments in cryptocurrencies are risky. Cryptoast is not responsible for the quality of the products or services presented on this page and cannot be held responsible, directly or indirectly, for any damage or loss caused following the use of a good or service highlighted in this article. Investments related to crypto-assets are risky by nature, readers should do their own research before taking any action and only invest within the limits of their financial capabilities. This article does not constitute investment advice.

AMF recommendations. There is no guaranteed high return, a product with high return potential involves high risk. This risk-taking must be in line with your project, your investment horizon and your capacity to lose part of this savings. Do not invest if you are not prepared to lose all or part of your capital.

To go further, read our Financial Situation, Media Transparency and Legal Notices pages.

Related Posts

$9.5 billion options expire this Friday

8:29 a.m. β–ͺ 3 min reading β–ͺ by Fenelon L. This Friday, crypto derivatives exchange Deribit is preparing to experience one of the largest Bitcoin options expirations…

Towards a bitcoin supply crisis?

2:00 p.m. β–ͺ 4 min reading β–ͺ by Luc Jose A. While the wind of the resumption of its upward momentum is still making people happy, there…

A drop below $50,000 before the Bull Run?

Wed 27 Mar 2024 β–ͺ 3 min reading β–ͺ by Eddy S. Bitcoin, the cornerstone of the cryptocurrency market, is facing unprecedented turmoil in 2024. CryptoQuant CEO's…

the halving is less than a month away, what will change?

It is the most attended event in the crypto ecosystem. The Bitcoin (BTC) halving is fast approaching, and it is generating its share of hope and transformations….

ETNs are coming soon to the London Stock Exchange

The London Stock Exchange (LSE) announced on Monday the upcoming arrival of Exchange Traded Notes (ETN) Bitcoin (BTC) and Ethereum (ETH) on its Exchange. What are the…

Cleaning up soon at Bitcoin Core?

7:02 a.m. β–ͺ 7 min reading β–ͺ by Nicholas T. The potential return to business of Bitcoin Core maintainer Wladimir van der Laan is being emulated. Would…

Leave a Reply

Your email address will not be published. Required fields are marked *