UK Police Arrest Hospitality Worker in $2.5B Money Laundering Case

UK Police Arrest Hospitality Worker in $2.5B Money Laundering Case

The police in the United Kingdom have apprehended a hospitality worker with $2.5 billion in Bitcoins. A Cointelegraph article noted that the amount of apprehended Bitcoin was the biggest in the history of the nation.

Comprehensive Investigation Against the Hospitality Worker

The sentencing date for the criminal caught in the act has been set for May 2024. The hospitality worker in question is now under investigation for committing money laundering at a specialized court that deals with fraud cases.

The report noted that Jian Wen was apprehended from Southwark Crown Court while performing money laundering with Bitcoin. The accused was attempting to purchase multiple multi-million pound houses and jewelry. 

The investigators have revealed that the criminal was in possession of 48 electronic devices and thousands of digital files. Wen lifestyle changes were the main cause of attracting attention from the authorities.

She used to reside in a flat above a Chinese restaurant a few years back. However, following her criminal investments she was able to rent a studio apartment in the Northern part of London at an exorbitant monthly rent.

AI Trading Robot

On 31st January, Cointelegraph noted that police began investigating Wen after she attempted to purchase a $30 million mansion in London. She posed as a Bitcoin miner to justify her millions of dollars of income but kept performing Bitcoin-based money laundering behind the scenes.

UK Prosecutors to Make a Strong Case Against Jian Wen

Andrew Penhale, the Chief Crown prosecutor in the UK, is in charge of the case. He spoke with the media about the visible rise in criminal activities during recent times. He claimed that Bitcoin and other cryptocurrencies are used by organized crime syndicates to guise their crimes. He further stated that fraudsters take advantage of crypto assets to keep running underground criminal rings.

Meanwhile, another report published by the Treasury Department has contradicted such claims. The authorities previously opined that crypto has become a popular choice for committing financial crimes.

On 8th February, Cointelegraph noted that the Treasury Department talked about the anonymity and stability of cash as a means of payment and the primary reason behind remaining a preferred method of laundering illegal proceeds.

In the same way, the stock exchange NASDAQ recently released the Global Financial Crime Report that highlighted data associated with financial crime over the past year without any mentions of Bitcoin or cryptocurrencies. The report published last year projected that around $3.1 trillion in illegal funds passed through the global financial systems.

Bitcoin Man Claims that China will Reinforce Bitcoin Bull Run by 2028

An article published in Cointelegraph Magazine indicates on 12th March indicates that China invested in Bitcoin promotion. The article added quotes from Herbert Sim or Bitcoin Man who projected that the upcoming Bitcoin Bull Run is going to surpass all expectations when China enters in the arena. He claimed that Chinese investors are still gearing up and still to make an entrance.

He noted that it means that the $70K Bitcoin price should be a baseline for the next Bull Run. He told journalists that all previous Bull Runs were led by Chinese markets. He has been participating in the crypto sector since 2010 since he was a student. In the same year, Sim founded Crypto Chain University a content aggregator and research platform focused on cryptocurrencies.

He has advocated for Bitcoin ever since and has participated in countless Bitcoin conferences. In addition to his interest in crypto, he takes an active interest in high-end fashion industry.

He told Cointelegraph that he won an award from Google and has been a recipient of the best lifestyle award in Asia Pacific and Australia. He was able to sell his fashion company WardrobeTrendsFashion for million. Later he joined Huobi to lead the international operations department.

He also boasts a massive social media following on X and Instagram. In 2018, he noted a massive spike in followers hailing from China after working on Huobi token. He noticed that the HT gained 400 million within a few seconds and this phenomenon earned him the moniker of Bitcoin Man.

European Union Implements Ban on Anonymous Crypto Transactions via Self-Custody Wallets  Previous post European Union Implements Ban on Anonymous Crypto Transactions via Self-Custody Wallets 
Goldman Sachs Clients in Asia Pacific Hedge Fund Renew Interest in Crypto Next post Goldman Sachs Clients in Asia Pacific Hedge Fund Renew Interest in Crypto