ECONOMY & WORK
MONEY 101
NEWS
PERSONAL FINANCE
NET WORTH
About Us Contact Us Privacy Policy Terms of Use DMCA Opt-out of personalized ads
© Copyright 2023 Market Realist. Market Realist is a registered trademark. All Rights Reserved. People may receive compensation for some links to products and services on this website. Offers may be subject to change without notice.
MARKETREALIST.COM / NEWS

UK Police Recover $1.78 Billion in Bitcoin During Investment Fraud Scheme Investigation

The scam came to light during the trial of a woman accused of laundering cryptocurrency for her former employer.
PUBLISHED FEB 5, 2024
Cover Image Source: A visual representation of Bitcoin | Getty Images | Photo by Chesnot
Cover Image Source: A visual representation of Bitcoin | Getty Images | Photo by Chesnot

Authorities in the UK have confiscated approximately $1.78 billion worth of Bitcoin as part of an investigation into a Chinese investment fraud scheme. The details emerged during the trial of Jian Wen, a UK citizen accused of laundering Bitcoin for her former employer, Yadi Zhang, who is alleged to have stolen around £5 billion ($6.3 billion) from over 128,000 investors.

Photo by Karolina Grabowska: https://www.pexels.com/photo/gold-round-coin-on-top-of-a-cellphone-5980856/
Image Source: Photo by Karolina Grabowska | Pexels

The seizure is closely linked to the 2018 incident in which the UK police confiscated four devices containing more than 61,000 Bitcoins. The recovered Bitcoin was valued at £1.4 billion ($1.7 billion) by July 2021. The trial centers on Zhang, also known as Zhimin Qian, who was allegedly the mastermind behind the large-scale investment fraud, subsequently converting the funds into Bitcoin. Zhang has since evaded authorities and is currently on the run.

Wen, the defendant in the trial, stands accused of actively participating in the laundering process on behalf of Zhang. The charges assert that she played a role in converting Zhang's Bitcoin proceeds into various assets, including cash, property, jewelry, and luxury items. She pleaded not guilty and is set to go to trial for her alleged involvement in the money laundering activities linked to Zhang's investment fraud.

 A woman walks past the entrance of a cryptocurrency exchange office | Getty Images | Photo by Chris McGrath
Image Source: A woman walks past the entrance of a cryptocurrency exchange office | Getty Images | Photo by Chris McGrath

During the 2018 police raid at their rented London manor house, significant evidence was discovered, including laptops, pen drives, and notebooks storing passwords and crypto wallets containing Bitcoin valued at hundreds of millions of dollars each, as revealed by the prosecuting lawyer. The raid followed attempts by Wen to purchase two houses in London, with values of around $15 million and $30 million, respectively. However, these attempts failed due to her inability to provide sufficient proof of the funds' source to the involved lawyer.

In 2019, a Dubai-based investment adviser suggested that Wen sell the Bitcoin locally for cash. She relocated to the UK from China in 2007 and obtained British citizenship in 2018. Before her encounter with Zhang in 2017, she had been employed in Chinese takeaway restaurants. In a statement to the police, she mentioned she was Zhang's carer and translator, receiving 3,000 Bitcoin as a gift. Furthermore, she claimed to have limited knowledge about Bitcoin and believed it to be the source of Zhang's wealth. Wen, however, was arrested in 2021.

Photo by Roger Brown: https://www.pexels.com/photo/close-up-of-bitcoins-5698697/
Image Source: Photo by Roger Brown | Pexels

The ongoing trial in the Southwark Crown Court brings attention to financial crimes involving digital assets. The case highlights the global nature of cryptocurrency-related fraud and the challenges law enforcement faces in pursuing criminals across borders. The Bitcoin seizure has prompted robust investigative efforts and international cooperation to combat fraudulent activities within the world of virtual currency.

MORE ON MARKET REALIST
It didn’t help that Alvin Rosales was playfully scolded by the host just before losing the Bonus Round.
15 hours ago
The photos featured some looks of the show's legendary former host, Alex Trebek, as well.
16 hours ago
The player, Kate Stuntz, pulled off a miraculous win to take home over $68,000 and a trip to Iceland.
19 hours ago
The owner couldn’t believe the value of Jane Peterson’s "The Floats" gouache painting.
1 day ago
The player, Callie DeWeese, failed to choose the right letters in the Bonus Round, leading to her loss.
1 day ago
The personal digs at the host have been relentless on the show by producers and players.
1 day ago
The guest had no idea how valuable her grandfathers Dutch tinware coffee pot was.
2 days ago
It wasn't one of Steve Harvey's jokes that cracked Bridget up so bad.
2 days ago
Fans now won't be able to stream more than five most recent episodes of the new season.
2 days ago
Despite the questionable morality of CATE App, Neal Desai managed to partner with two Sharks.
3 days ago
A supplier of Costco's Dubai Styled chocolate issued a notice regarding misinformation of allergens.
3 days ago
While some felt the puzzle was easy, many agreed that the player's letter picks let her down.
3 days ago
Harvey couldn't believe that a contestant mentioned John Madden as a response to the question.
4 days ago
The host was impressed with the contestant, John Boese's puzzle solving skills.
4 days ago
Despite making a decent offer, Harrison could not make a deal for the rare Mormon Bank Dollar.
4 days ago
The player, Lisa Santangelo, was dumbfounded by a puzzle that was allegedly reused by the show.
5 days ago
The player, Brittany Brock was visibly shaken after the big $40,000 win in the Bonus Round.
5 days ago
Steve Harvey was thoroughly entertained by the plans some of the contestants had for their final hour on Earth.
5 days ago
Costco's executive membership costs $130 annually, and with it, you can enter the store up to an hour earlier on most days.
6 days ago
Not only the contestants, but the audience also took a dig at the host with their survey responses.
6 days ago