[Bitcoin] woman found with £2bn worth of bitcoin

tread93

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Quote from: SmartGold01 on May 30, 2024, 11:30:08 PM

"Jian Wen, 42, was involved in converting Bitcoin into assets like luxury houses.

A former takeaway worker found with Bitcoin worth more than £2bn was jailed for six years and eight months for a crime linked to money laundering on Friday. Jian Wen, 42, from Hendon, in north London, was involved in converting the currency into assets including multi-million-pound houses and jewellery.

At Southwark Crown court in March, she was convicted of entering into or becoming concerned in a money laundering arrangement.The Metropolitan Police said at the time of the conviction the seizure was the largest of its kind in the UK."

When I came across this news on a bbc.com website I couldn't believed it but was moved to share over here to know her involvement as when she started making investment to have worth almost €2b worth in bitcoin, most times it's hard to believe story like this.

The floor is open for discussion (if this already discussed then remind me to Lock this topic).

I imagine there are also many folks who have laundered money through some crypto avenue & have done very well for themselves. It is a tricky life tho, you're basically going to always be watching your back thinking someone is chasing after you, no? I just woudn't ever want to have to live with that kind of anxiety you would get from doing that, but for some people it is a rush!

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Quote from: OcTradism on May 30, 2024, 11:39:26 PM

Quote from: SmartGold01 on May 30, 2024, 11:30:08 PM

"Jian Wen, 42, was involved in converting Bitcoin into assets like luxury houses.

This link has very little information and you can get more detail there.
Woman found with £2bn in Bitcoin convicted of money laundering arrangement offence

This gives some more information but still not clear enough. Information like she claims to get money from Bitcoin mining, then buy luxury things, jewellery from her illegal money.

Proof, proof is all there is to this case and I don’t know how they would go about proving that especially with the claims of possible mining but, maybe all that is in the wind now. The article seems to be a bit back dated as OP is talking about Wen yo have been jailed for 6years and eight months while the provided link talks about the scheduled date for sentencing to be 10th of May. Well, the thread is that old but, something about the narrative am pleased with; it talking about the exploitation of Bitcoin.
At least for once they do get it right that, Bitcoin is what is been exploited here in conducting these crimes and not Bitcoin being seen as a currency for fraudster and scammers.

Hope Justice is served by bringing other individuals involved in this crime and not just Wen. The narrative speculates on a wider network of persons involved.

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Quote from: Maus0728 on June 20, 2024, 07:05:42 PM

If you're reading the news of what's already happened, it's apparent and clear to everyone that this didn't come from any legal means but if this was at a surface level and no one has suspected a thing yet, I don't think that people like you or me would be able to tell that there's something illegal going on, we'd all probably think that good for her to be able to become a businesswoman in a field that's dominated by men. When there's no suspicion on the activities on your wallet or transaction then there's nothing really that would implicate you that you're doing something illegal.

Just the amount is suspicious enough, after all she was caught with 2 billion pounds, which is a massive amount of money that should leave a great deal of traces about where that money come from, so it was easy for the government to get suspicious about her activities and eventually arrest her once she had no means to prove her claims such profits came from mining bitcoin, the real question is who that money really belong to, as trusting that amount to a single person seems like a bad idea.

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Quote from: Ojima-ojo on June 20, 2024, 06:38:41 PM

Quote from: Maus0728 on June 15, 2024, 07:38:48 PM

Most likely, that money didn't come from a legal means, that's probably why she's trying to launder that money, there's no way that you'd be evading taxes when the money came from a good standing right? It's in the article too that she's defrauded a lot of Chinese investors and was involved in a money laundering scheme so what did you expect? You do crime then you're going to have to do the time right? It's not a shame, you made money through illegal means then that means that you're going to have to pay for it eventually, that's justice.

From the news details, you can tell that the source of the money is questionable and for that bitcoin was only mentioned because bitcoin was a tool in the hands of the criminals to carry out the multiple million money laundering, but the crime could possibly be committed using fiat, and that is the advantages of bitcoin and it blockchain, anyone can track the transactions as long as there is a wallet address to analyse but it requires advance tool to detect such connections.

If you're reading the news of what's already happened, it's apparent and clear to everyone that this didn't come from any legal means but if this was at a surface level and no one has suspected a thing yet, I don't think that people like you or me would be able to tell that there's something illegal going on, we'd all probably think that good for her to be able to become a businesswoman in a field that's dominated by men. When there's no suspicion on the activities on your wallet or transaction then there's nothing really that would implicate you that you're doing something illegal.

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Quote from: Ojima-ojo on June 20, 2024, 06:38:41 PM

Quote from: Maus0728 on June 15, 2024, 07:38:48 PM

Quote from: btc78 on May 30, 2024, 11:38:11 PM

What I am wondering about is why did she have to launder the money? Is it because she did not want to pay taxes? I would be interested to hear how she got that €2bn worth of bitcoin. How did she start? Did she just hold for a really long time? And a lot of other questions. Anyway it’s a shame to have finally all that amount of money just to go to jail.

Most likely, that money didn't come from a legal means, that's probably why she's trying to launder that money, there's no way that you'd be evading taxes when the money came from a good standing right? It's in the article too that she's defrauded a lot of Chinese investors and was involved in a money laundering scheme so what did you expect? You do crime then you're going to have to do the time right? It's not a shame, you made money through illegal means then that means that you're going to have to pay for it eventually, that's justice.

From the news details, you can tell that the source of the money is questionable and for that bitcoin was only mentioned because bitcoin was a tool in the hands of the criminals to carry out the multiple million money laundering, but the crime could possibly be committed using fiat, and that is the advantages of bitcoin and it blockchain, anyone can track the transactions as long as there is a wallet address to analyse but it requires advance tool to detect such connections.

As we don't know what really happened or what had transpired before uncovering the billion worth of bitcoins, we are only left to speculate on this matter. The news article is also lacking of details, so we have no idea what was the real deal on this case. She may have other cohorts on this scheme and she was only the frontliner of this activity. And I don't think they have done this overnight. It was possibly years in the making for all we know.

I understand that this kind of news is somewhat one of the reasons why people have negative outlook towards bitcoin market, but we need to look deeper on this situation. It is just like fiat, it is full of fraudulent activities if people want to deploy their activities on this network, they will surely find a way.

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Quote from: Maus0728 on June 15, 2024, 07:38:48 PM

Quote from: btc78 on May 30, 2024, 11:38:11 PM

What I am wondering about is why did she have to launder the money? Is it because she did not want to pay taxes? I would be interested to hear how she got that €2bn worth of bitcoin. How did she start? Did she just hold for a really long time? And a lot of other questions. Anyway it’s a shame to have finally all that amount of money just to go to jail.

Most likely, that money didn't come from a legal means, that's probably why she's trying to launder that money, there's no way that you'd be evading taxes when the money came from a good standing right? It's in the article too that she's defrauded a lot of Chinese investors and was involved in a money laundering scheme so what did you expect? You do crime then you're going to have to do the time right? It's not a shame, you made money through illegal means then that means that you're going to have to pay for it eventually, that's justice.

From the news details, you can tell that the source of the money is questionable and for that bitcoin was only mentioned because bitcoin was a tool in the hands of the criminals to carry out the multiple million money laundering, but the crime could possibly be committed using fiat, and that is the advantages of bitcoin and it blockchain, anyone can track the transactions as long as there is a wallet address to analyse but it requires advance tool to detect such connections.

Maus0728

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Quote from: btc78 on May 30, 2024, 11:38:11 PM

What I am wondering about is why did she have to launder the money? Is it because she did not want to pay taxes? I would be interested to hear how she got that €2bn worth of bitcoin. How did she start? Did she just hold for a really long time? And a lot of other questions. Anyway it’s a shame to have finally all that amount of money just to go to jail.

Most likely, that money didn't come from a legal means, that's probably why she's trying to launder that money, there's no way that you'd be evading taxes when the money came from a good standing right? It's in the article too that she's defrauded a lot of Chinese investors and was involved in a money laundering scheme so what did you expect? You do crime then you're going to have to do the time right? It's not a shame, you made money through illegal means then that means that you're going to have to pay for it eventually, that's justice.

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The article doesn't mention details, but money laundering in such big volumes is a serious crime, so it's not surprising that she got jail time for it. Bitcoin is a type of money, and like any kind of money, it can be used for good, bad, and neutral purposes. When Bitcoin is used for criminal purposes, those crimes should be investigated, like any other crimes. But those crimes and convictions should not be used to justify Bitcoin restrictions or anything like that.

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Quote from: SmartGold01 on May 30, 2024, 11:30:08 PM

"Jian Wen, 42, was involved in converting Bitcoin into assets like luxury houses.

A former takeaway worker found with Bitcoin worth more than £2bn was jailed for six years and eight months for a crime linked to money laundering on Friday. Jian Wen, 42, from Hendon, in north London, was involved in converting the currency into assets including multi-million-pound houses and jewellery.

At Southwark Crown court in March, she was convicted of entering into or becoming concerned in a money laundering arrangement.The Metropolitan Police said at the time of the conviction the seizure was the largest of its kind in the UK."

When I came across this news on a bbc.com website I couldn't believed it but was moved to share over here to know her involvement as when she started making investment to have worth almost €2b worth in bitcoin, most times it's hard to believe story like this.

The floor is open for discussion (if this already discussed then remind me to Lock this topic).

I am a little stunned how anyone can think they can just wash £2 billion by directly buying houses without getting caught in London of all places. This is just another example how money can't buy brains. I wouldn't know how anyone would wash money these days, but even i know how you don't and this clearly isn't the way to do it.

I guess it was easier back in time to wash cryptos, but £2 billion is unheard of. I would be honestly surprised if there wouldn't be pile of dead bodies found with the investigations, because if my memory serves me right, that has been the case in couple big crypto scams. When you wash the money, you are going to be involved with some serious people in the underworld that might just get the money themselves, get rid of the persons that stole it in the first place and wash it.

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Quote from: LoyceV on June 06, 2024, 04:47:50 AM

Quote from: coolcoinz on June 05, 2024, 03:40:39 PM

Fun fact: The bigger is your sandbox, the easier it is to hide another bag of sand.

I like your analogy. But, if you have a sandbox, would you really risk it all for one more bag of sand?
In this case, I assume the woman didn't have any sand and stole a desert Wink

In EU we usually get a fine when we don't pay taxes, so it's not really risking a whole sandbox for one additional bag. Just risking a part of that bag.
If the sandbox is big enough that bag becomes a grain of sand, which is why they're now trying to limit our ability to use cash. It used to be 10k EUR with no KYC and is gradually lowered every few years.
In her case, talking in sand terms, she probably didn't even have a sandbox and stole whole freight train full of sand. Then unloaded it all in her back yard hoping nobody would notice Grin

Quote from: m2017 on June 06, 2024, 06:52:43 AM

$15 million at that time (during Charles Ponzi’s life) and now are not equivalent amounts.

Accounting for inflation it's still much less than the amount we're talking about here. Investopedia says it's worth 220 million now.

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Quote from: LoyceV on June 06, 2024, 04:47:50 AM

Quote from: coolcoinz on June 05, 2024, 03:40:39 PM

Fun fact: The bigger is your sandbox, the easier it is to hide another bag of sand.

I like your analogy. But, if you have a sandbox, would you really risk it all for one more bag of sand?

In this case, I assume the woman didn't have any sand and stole a desert Wink

Am sure if the woman in question knew about privacy coins and mixers, she would have done a great job at disguising the money to the ignorance of the government, but she didn't know otherwise and this is one reason why the government of many countries is sueing for regulation of cryptocurrency in every area so as to expose those who have hardened their heart to steal and launder money for their own benefits or for the benefits of others.

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Quote from: coolcoinz on May 31, 2024, 03:23:02 PM

Damn!

How do you get people to give you 5 billion dollars? I've seen some ponzi schemes and scams but they were usually in the millions, not billions. Even the famous Charles Ponzi stole $15 million.

$15 million at that time (during Charles Ponzi’s life) and now are not equivalent amounts.

Quote from: coolcoinz on May 31, 2024, 03:23:02 PM

She was delusional if she thought she could launder that much money. It's easy to hide $100k and not pay taxes from it, but once you start getting into millions it becomes much harder because expensive assets like real estate and cars can be registered. Someone has to pay property tax, get the required paperwork. You can't have 10 different names to hide 10 purchases because that's eventually going to come to light. You get into 100m+ and it becomes close to impossible.

But you can find 10 relatives (judging by the name Jian Wen, this should not be difficult for her) on whom to formalize these transactions.

^{This is not a recommendation for use.}

Quote from: SmartGold01 on May 30, 2024, 11:30:08 PM

A former takeaway worker found with Bitcoin worth more than £2bn was jailed for six years and eight months for a crime linked to money laundering on Friday.

Obviously, she was not the only one handling such huge sums. Where are the accomplices?

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She had a successful operation if ask me lol, btw this $2 billion is what they managed to seize from her in the UK meaning there is a possibility she might have had more Bitcoins elsewhere considering she traveled around boarders and had other properties in places like Switzerland , Dubai etc. This got me thinking is it possible that we haven't heard of Satoshi because he might have been bursted in this way after been found with a stash of coins **thinking outside the box **

Anyway was the lady tried in court or this was so unfair justice applied as the article only mentions of an investigation that has been going on for the past 5years...

Almost forgot, going through this story this will vindicate all critics that believe cryptocurrencies facilitate crime , but I think fiat has done more harm in facilitating criminal activities and they hardly admit to this fact .

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Quote from: btc78 on May 30, 2024, 11:38:11 PM

What I am wondering about is why did she have to launder the money? Is it because she did not want to pay taxes? I would be interested to hear how she got that €2bn worth of bitcoin. How did she start? Did she just hold for a really long time? And a lot of other questions. Anyway it’s a shame to have finally all that amount of money just to go to jail.

A possible reason is the avoidance of tax payment, but if I were the one in the situation, I would go through it legally, especially since there is a lot of money involved in this, it can be questioned anytime and it will be more difficult to prove it, especially if the documents to be shown are lacking him in court. With such a large amount of investment, what is the value that will be paid in tax, right? if this is the reason, I hope he pays instead of getting into a worse situation. I don't want to assume or accuse, but if the reason is not tax avoidance, maybe it's because the money came from illegal things and crypto investment was just used as an excuse?

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Quote from: coolcoinz on June 05, 2024, 03:40:39 PM

Fun fact: The bigger is your sandbox, the easier it is to hide another bag of sand.

I like your analogy. But, if you have a sandbox, would you really risk it all for one more bag of sand?
In this case, I assume the woman didn't have any sand and stole a desert Wink

coolcoinz

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Quote from: LoyceV on June 01, 2024, 04:15:04 AM

I guess it's one of those things that got out of hand Tongue

I'd estimate there are thousands if not millions of scammers, all trying to hit it big. This one hit the jackpot, and that was probably unexpected. This painted a bullseye on her back. Getting away with stealing $100 is a lot easier than getting away with stealing a billion.

She acted like there was no bullseye and still bought a ton of expensive stuff instead of laying low.

Quote

Now add a century of inflation and the internet! Mr. Ponzi did this offline.

Madoff also was doing most of his work via phone.

Quote

Speaking from experience? Tongue

Sure, I do. Need help with anything? Cool

Fun fact: The bigger is your sandbox, the easier it is to hide another bag of sand.

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Quote from: Plaguedeath on May 31, 2024, 01:53:13 AM

However, six years and eight months for $5 Billion is a good deal, she might not able to earn $5 Billion even she work very hard for seven years.

This is what I was thinking. Make Billions fraudulently, get a few years of jail time and you are out, free and ultra Rich too. It could sound like a viable plan to many people to be honest. Every day in prison for her is equal to 200 thousand Dollars. Now my question is, does she get to keep it or is it a permanent seizure? If anything, the Law in at least a few countries seems to pretty much encourage this behavior by being so easy on them. At least seize the goods or illegal Wealth.

Anyway. This is a surprisingly small punishment particularly considering this was a Bitcoin related crime. They typically seem to want to make those people an example to us. Or maybe the regulations became so rough for us Bitcoiners that they just do not even need to make examples any more.

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Quote from: AmoreJaz on June 01, 2024, 07:27:19 PM

I believe this woman is not operating on her own.

She is not, there are others who shared this information already,

Quote from: odolvlobo on May 31, 2024, 01:37:24 AM

Quote from: https://www.coindesk.com/policy/2024/05/24/british-chinese-money-launder-sentenced-to-6-years-in-prison-for-role-in-6b-fraud-ft/

Wen was accused of laundering BTC on behalf of Yadi Zhang, whose real name is Zhimin Qian.

Zhimian is alleged to have defrauded around 130,000 investors in China in an investment scam that brought in $5 billion.

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Quote from: GbitG on June 01, 2024, 07:18:31 PM

Quote from: btc78 on May 30, 2024, 11:38:11 PM

What I am wondering about is why did she have to launder the money? Is it because she did not want to pay taxes? I would be interested to hear how she got that €2bn worth of bitcoin. How did she start? Did she just hold for a really long time? And a lot of other questions. Anyway it’s a shame to have finally all that amount of money just to go to jail.

There is nothing surprising about it. You probably know how money laundering is done. If you don't know, then there is nothing. Let me tell you that money laundering is a process by which people take money from illegal activities. It is converted into assets that appear to be the owner of them, which means that the illegal cash is converted into such things, i.e. smuggled, that it is believed that the launderer is the real owner. In spite of that he is not the real owner of it.

Similarly, the same woman also laundered illegal Bitcoin and bought Luxury's car, jewelry, and house so that illegal Bitcoin could be converted into a ligimate (Valuable) asset.

And if there is a surprising thing, then it is not written in the news that this woman collected this Bitcoin, it is only mentioned that Bitcoin is money laundered in jewelry houses and cars. If anyone knows, please guide her. How did the woman get this Bitcoin?

I believe this woman is not operating on her own. If they are into bitcoin, they should know better how to handle privacy and other things. She may have flaunt what she's doing, hence, being hot on authorities. Because authorities won't come to this conclusion if they haven't done their homework first. So for me, she may be under investigation before they found her about her crypto activities. Now, if she has no proper documents to support her assets, definitely, she will be subjected UK laws regarding money laundering.

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Quote from: btc78 on May 30, 2024, 11:38:11 PM

What I am wondering about is why did she have to launder the money? Is it because she did not want to pay taxes? I would be interested to hear how she got that €2bn worth of bitcoin. How did she start? Did she just hold for a really long time? And a lot of other questions. Anyway it’s a shame to have finally all that amount of money just to go to jail.

There is nothing surprising about it. You probably know how money laundering is done. If you don't know, then there is nothing. Let me tell you that money laundering is a process by which people take money from illegal activities. It is converted into assets that appear to be the owner of them, which means that the illegal cash is converted into such things, i.e. smuggled, that it is believed that the launderer is the real owner. In spite of that he is not the real owner of it.

Similarly, the same woman also laundered illegal Bitcoin and bought Luxury's car, jewelry, and house so that illegal Bitcoin could be converted into a ligimate (Valuable) asset.

And if there is a surprising thing, then it is not written in the news that this woman collected this Bitcoin, it is only mentioned that Bitcoin is money laundered in jewelry houses and cars. If anyone knows, please guide her. How did the woman get this Bitcoin?

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Most criminals get it wrong by involving in crime linked to money laundering in BTC [the Blockchain network is transparent that criminal activities can easily be dictated].£2bn that's a huge amount of money,the news gave a different headline that was far from holding for the long term,she was involved in a criminal act that wasn't mentioned but was linked to money laundering or could it be tax evasion no one knows.I've been coming across news about crime linked to money laundering in BTC and how they have been traced,that should give the government more impression that the Blockchain network is transparent.

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