Sat, May 25, 2024 at 02:04

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    Kang-hoon

    • Hello, Annie.

    • Today, I have some intriguing news about a British-Chinese woman named Jian Wen, who has been sentenced to six years and eight months in prison for laundering Bitcoin.

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  • Annie

    • Oh, wow!

    • What exactly did she do?😮

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    Kang-hoon

    • Wen was involved in laundering Bitcoin allegedly derived from a 5 billion fraud in China.

    • She was convicted in March for money laundering on behalf of her former boss, Yadi Zhang.

  • Annie

    • That's a huge amount!

    • How did they catch her?

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    • Hold on! Behold, an advertisement awaits. Legend has it that clicking on this ad will make the AI server even smarter... 😅

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    Kang-hoon

    • In 2018, London's Metropolitan Police raided Wen and Zhang's mansion in Hampstead.

    • They seized devices containing 61,000 Bitcoin, valued at over 3 billion dollars.

  • Annie

    • 61,000 Bitcoin?

    • That's insane!😲

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    Kang-hoon

    • Indeed.

    • This seizure is one of the largest cryptocurrency hauls ever made by law enforcement worldwide.

    • The investigation initially began when Wen attempted to purchase a London mansion using Bitcoin.

  • Annie

    • So, what happened to her boss, Zhang?

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    Kang-hoon

    • Zhang's lawyer maintains her innocence, but Wen was convicted of laundering a portion of the proceeds between 2017 and 2022.

    • Wen was not implicated in the original fraud, but she was aware of dealing with the proceeds of crime.

  • Annie

    • Did Wen admit to her crimes?

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    Kang-hoon

    • No, Wen pleaded not guilty and consistently denied knowing that her employer's funds were stolen.

    • She claimed ignorance about the source of the Bitcoin.

  • Annie

    • That's quite a defense.

    • What did the judge say?

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    Kang-hoon

    • Judge Sally-Ann Hales emphasized that Wen had full knowledge of dealing with the proceeds of crime and described the offense as sophisticated with significant planning involved.

  • Annie

    • Did Wen have any support or defense?

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    Kang-hoon

    • Wen's lawyer described her as a fragile and desperate woman who was deceived and manipulated.

    • However, the judge did not agree with this characterization and did not consider Wen a victim.

  • Annie

    • What about her personal life?

    • Any details?

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    Kang-hoon

    • Wen admitted to controlling a Bitcoin wallet but claimed she hadn't seen her 16-year-old son for 26 months and has been in custody since March 2022.

  • Annie

    • That's quite sad.

    • Did she work alone?

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    Kang-hoon

    • No, between 2017 and 2020, Wen enlisted the help of several intermediaries to convert the cryptocurrency into various assets.

    • One intermediary was Michael James Burke, a Dubai-based estate agent.

  • Annie

    • So, what's happening with the seized Bitcoin now?

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    Kang-hoon

    • The Metropolitan Police is pursuing a civil recovery process to seize the total amount of confiscated funds and is collaborating with Chinese authorities on the matter.

  • Annie

    • Are the victims of the fraud getting their money back?

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    Kang-hoon

    • Victims have submitted a letter to the Chinese foreign ministry, urging negotiations with the UK government to reclaim the Bitcoin purchased with their money.

    • Both countries are actively working together to pursue fugitives and recover assets.

  • Annie

    • That's a lot to take in.

    • So, is this news good or bad for the market?

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    Kang-hoon

    • Unfortunately, this is bad news.

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    • It highlights the ongoing issues of fraud and money laundering in the cryptocurrency market, which can undermine investor confidence and lead to increased regulatory scrutiny.

    • Upon comprehensive consideration, this news is perceived as a 😱Bearish.