In a trial at London’s Southwark Crown Court, prosecutors accused a woman of converting Bitcoin into cash and property as part of an alleged money laundering scheme connected to a massive $6.3 billion fraud in China.
Bitcoin Laundering Scheme Exposed
According to a Reuters report, the defendant, Wen Jian, is facing charges of assisting in hiding the source of funds believed to have been stolen from approximately 130,000 Chinese investors between 2014 and 2017.
While Wen denies the three counts of money laundering, she is not alleged to have been directly involved in the underlying fraud.
According to the report, prosecutor Gillian Jones told the court that Zhang Yadi orchestrated the fraudulent scheme. The indictment named him as the beneficiary of the alleged money laundering. On the other hand, Wen was allegedly used as a “front person” to disguise the origin of the stolen funds.
The money, obtained through the fraud, was reportedly used to purchase Bitcoin and converted
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