According to a recent report from the Financial Times, law enforcement authorities in United Kingdom have seized 61,000 BTC worth £1.4 billion ($1.78 billion) in connection with an investment fraud case out of #China.
Back in 2018, authorities seized four devices from the fraudsters, which were found to be storing cryptocurrency. In July 2021, police discovered a significant amount of bitcoin on those devices.
In January 2024, the trial of Jian Wen, a 42-year-old woman accused of being involved in the laundering of £5 billion, began. Wen is accused of playing a key role in converting some of the stolen bitcoins into various assets, including cash, jewelry and luxury goods. The complex scheme was designed to conceal the true origin of the funds, according to Gillian Jones, a spokesperson for the Crown Prosecution Service.
During the trial, it emerged that the mastermind behind the fraud was Yadi Zhang, operating under the alias Zhiming Qian. Between 2014 and 2017, Zhang managed to swindle £5 billion from more than 128,000 unsuspecting investors. She subsequently converted the illicit gains into bitcoins and moved to London in 2017, taking a different name.
The report also highlights that Wen was used by Zhang as a "front man" to hide the source of the stolen funds, which were then used to buy bitcoin. While Wen does not deny her involvement in the #bitcoin transactions, the court must find out whether she knew that the proceeds were derived from fraudulent activity.
