In the UK, a Chinese national is reportedly on trial for a $6.5 billion fraud related to Bitcoin (BTC).
According to a new report from Reuters, the defendants converted BTC into cash and real estate in order to launder funds from a scheme conducted in China.
The woman, identified in the report as Wen Jiang, is accused of attempting to conceal the fraudulent source of funds allegedly stolen from more than 100,000 Chinese residents between 2014 and 2017. .
Jiang is currently facing three charges of money laundering, which she denies. Prosecutors do not allege the 42-year-old man was involved in the initial fraud.
London prosecutor Gillian Jones said the fraud mastermind was also a beneficiary, identified as Qian Zhimin, a woman also known as Zhang Yadi.
After Chinese authorities began investigating the fraud in 2017, Zhang fled to the UK using the above pseudonym. Many people involved in the scheme have been arrested in China, but Zhang’s whereabouts are still unknown.
According to the report, the deceived Chinese investors have yet to get their money back.
Prosecutors said Wen acted as a “front person” to help conceal the source of illegally obtained funds. Mr. Zhang planned to launder money through BTC and other assets.
The jury will now decide whether Wen knew the money was stolen.
The trial is expected to conclude by the end of March.
Never miss a beat – Subscribe to get email alerts delivered straight to your inbox
Check price action
follow me twitterFacebook and Telegram
Surf the Daily Hoddle Mix
Disclaimer: The opinions expressed on The Daily Hodl do not constitute investment advice. Investors should perform due diligence before making high-risk investments in Bitcoin, cryptocurrencies, or digital assets. Please note that transfers and transactions are made at your own risk and any losses you may incur are your responsibility. The Daily Hodl does not recommend buying or selling any cryptocurrencies or digital assets. The Daily Hodl is also not an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured image: Shutterstock/jovan vitanovski/Chuenmanuse