$6.4 Billion China Fraud: Woman Jailed in UK for Nearly 7 Years Over Bitcoin Laundering

A woman accused of converting bitcoin into cash and property to help hide the proceeds of a $6.4 billion fraud was sentenced to nearly seven years on May 24 for money laundering after a trial in a London court. Wen Jian, 42, was found guilty of laundering significant amounts of Bitcoin linked to an alleged multi-billion-dollar investment fraud in China. Prosecutors said Ms. Wen helped hide the source of money allegedly stolen from nearly 130,000 Chinese investors in fraudulent wealth schemes between 2014 and 2017. She was not alleged to have been involved in the underlying fraud, which prosecutors said was masterminded by another woman known to Ms. Wen as Zhang Yadi. Ms. Wen believed Ms. Zhang was independently wealthy....