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Verdict in the money laundering trial for billion-dollar Bitcoin fraud

Verdict in the money laundering trial for billion-dollar Bitcoin fraud
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Image: (APA/AFP/OZAN KOSE)

The defendant, Wen Jian, exchanged the cyber currencies for cash and bought real estate to conceal the origin of the money from a $6.3 billion fraud, a jury verdict released on Wednesday said.

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But she was not involved in the actual fraud. This was committed by an acquaintance of Wen’s. The sentence is expected to be announced next month.

During the proceedings, the defendant denied the accusation of money laundering. Her acquaintance, the fugitive Zhang Yadi, pretended to be wealthy. She had no knowledge of the criminal origin of the money. Zhang, whose real name is Qian Zhimin, is said to have defrauded nearly 130,000 Chinese investors between 2014 and 2017. Prosecutors say she swapped her loot for Bitcoin to get it out of China and traveled to the UK in 2017 using a fake passport. She has been in hiding since 2020.

  • Also read: Bitcoin at an all-time high: The reasons for the cryptocurrency’s soaring

As part of their investigation, British authorities seized 61,000 Bitcoin, one of the largest sums in the world. Their value is currently more than three billion dollars.

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Source: Nachrichten

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