Ex-Delivery Driver Ordered to Repay $3.78 Million for Bitcoin Money Laundering
Jian Wen, a former U.K. takeaway worker, has been ordered to repay over $3.78 million (ÂŁ3.1 million) due to his conviction for money laundering involving Bitcoin. Failure to comply could result in an additional seven years in prison.
Wen, aged 42, was previously sentenced to six years and eight months in prison following his connection to a cryptocurrency wallet containing 150 Bitcoin, valued at nearly $15 million at current prices. Prosecutors highlighted that the significant amount of seized Bitcoin, combined with the absence of legitimate evidence regarding its acquisition, indicated that it was criminal property.
The National Crime Agency (NCA) and police in the UK have recently received enhanced powers to seize, freeze, and destroy cryptocurrencies used in criminal activities. This move aims to combat the rising concern of crypto crime, with reports indicating that up to $5.1 billion in illicit crypto transactions are linked to the UK annually.
In a related case, the Metropolitan Police seized Bitcoin wallets estimated to be worth over ÂŁ300 million ($364.75 million). Investigators found no legitimate explanation for the funds involved in Wen's case, which also included the purchase of two properties in Dubai worth more than ÂŁ500,000. Wen claimed these purchases were made on behalf of a Chinese national and denied any connection to criminal proceeds.
The court determined that Wen profited ÂŁ3,500,113 from criminal activities, with current assets assessed at ÂŁ3,126,572. He must pay this amount within three months or face an extended prison sentence. If additional assets are uncovered, he will be held accountable for the outstanding balance beyond the current Confiscation Order.
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