The hospitality worker who was found in possession of $2.5 billion in Bitcoin and was convicted of money laundering charges by a United Kingdom specialized court in March was jailed for six years and eight months on May 24.
According to a BBC report, the hospitality worker Jian Wen, 42, from Hendon, in north London, was found guilty of money laundering charges for converting the fiat currency into crypto assets, including multi-million-pound houses and jewelry. The $2.5 billion Bitcoin (BTC) seizure was deemed the largest of its kind in the U.K.
The authority’s suspicion was based on Wen's change in lifestyle. In 2017, she reportedly moved to a six-bedroom mansion in North London costing about $21,420 a month after living in an apartment above a Chinese restaurant.
During the investigation, the police examined 48 electronic devices and thousands of digital files, many of which were translated from Mandarin.
The $2.5 billion Bitcoin case closely resembles the 2016 Bitfinex hack, where over $2 billion worth of Bitcoin was also stolen.
The hackers tried moving the funds nearly seven years after the exploit but were eventually caught by the United States authorities. In both cases, the perpetrators were caught while attempting to cash out their BTC. Ultimately, their extravagant lifestyle was the primary reason for their capture.
Related: German authorities seize 50K BTC connected to piracy websites
Critics frequently highlight such incidents to cast a negative light on cryptocurrency, arguing that it is commonly used for money laundering.
However, a recent report from the U.S. Treasury Department challenges this widespread belief, suggesting that cryptocurrency is not a popular choice for money laundering.
While digital assets are vulnerable to exploits and hacks owing to third-party shortcomings, decentralized technology is still prominent in tracking down those exploiters.
The Bitfinex hackers waited seven years before moving the funds, only to be caught. Similarly, many scammers and hackers have been apprehended, and stolen funds recovered, thanks to distributed ledger technology, which enables the tracking of these funds.
Magazine: China will intensify Bitcoin bull run, $1M by 2028: Bitcoin Man, X Hall of Flame
