6 ms·

Woman found with £2B in Bitcoin jailed

18 points by user20180120 2y ago

mdhb 2y ago
“Found”
gilleain 2y ago
Feels like this short article could have included the context that this was the associate (valet, of sorts) for Zhimin Qian the 'crypto queen'. KiraTV did a video on her : https://www.youtube.com/watch?v=O8zu1622TH4 https://www.youtube.com/watch?v=O8zu1622TH4
- sparsely 2y ago
  The accusations are all about money laundering, but is there any information about where the money/bitcoin actually came from?
  - pjc50 2y ago
    Sky has more background https://news.sky.com/story/bitcoin-worth-1-4bn-seized-after-ex-takeaway-worker-tried-to-buy-23m-mansion-court-hears-13059926 https://news.sky.com/story/bitcoin-worth-1-4bn-seized-after-...
  - umeshunni 2y ago
    Looks like it's from some investment fraud https://www.ft.com/content/60dd70f3-04f7-48fe-94ba-a34969ad75ac https://www.ft.com/content/60dd70f3-04f7-48fe-94ba-a34969ad7...
pjc50 2y ago
Longer: https://www.bbc.co.uk/news/uk-england-london-68620253 https://www.bbc.co.uk/news/uk-england-london-68620253
deleted 2y ago
[deleted]
nextaccountic 2y ago
What is "a crime linked to money laundering"? Was she convicted just of money laundering or had additional charges? She claimed that she mined the Bitcoin. Did the prosecution find that she obtained it another way? If so which way?
- pizza234 2y ago
  Based on the article linked below, it seems that the money come from criminal activity: > Wen tried to buy a string of expensive houses in London, but struggled to pass money-laundering checks and her claims she had earned millions legitimately mining Bitcoin were not believed. > CPS chief crown prosecutor [..] said [...] cryptocurrencies "are increasingly being used by organised criminals to disguise and transfer assets [...]". which is indeed money laundering, not tax evasion.
  - sparsely 2y ago
    Sure, but what exactly was the criminal activity? Is the claim that she (or her close associates) engaged in it herself, or that she was acting purely as a launderer for others?
    - pizza234 2y ago
      More info here in links provided in sibling posts. From this one https://archive.ph/mTPuL https://archive.ph/mTPuL,: > Wen was ultimately arrested and convicted of one count of money laundering after two trials and acquittals on 10 other counts. She was not accused of involvement in the original alleged China fraud.
- yencabulator 2y ago
  Clicking through the "More on this story" link, we find > On Monday she was convicted of entering into or becoming concerned in a money laundering arrangement. Which sounds like she was facilitating money laundering without holding any criminal property herself. For a more comprehensive explanation, see e.g. https://www.jmw.co.uk/blog/business-money-laundering/three-main-money-laundering-offences https://www.jmw.co.uk/blog/business-money-laundering/three-m... It sounds like what the US often calls "conspiracy to ...".
jmclnx 2y ago
I do not understand, was the 2B hers or was she just laundering other people's coin ? If it was hers, why seize the full amount ? Is this another case of not allowing a serf not joining an exclusive club ? Yes if laundering the Jail sentence seems fine, but the seizure ? I do nor know.
andirk 2y ago
What measures do we have to prove someone mined the bitcoin personally? Similar to how one can say they sold a bunch of copper that they dug out of the ground when really they were paid in copper by illegal sources. The block's "coinbase" mints the reward coins sends it to an address. Put that BTC into one of those privacy coins and back out. Where's the connection to the block it was mined from? Gotta be some fingerprints somewhere. And... > it has since increased to around £3.4bn.
- gus_massa 2y ago
  > What measures do we have to prove someone mined the bitcoin personally? A room filled with ASICs and a huge electricity bill or the rooftop covered with solar panels?
Lockal 2y ago
Even assuming that bitcoins are indeed were directly mined, it's ridiculous how asymmetrical the modern world is about some things: "I (personally) issued counterfeit bills and was able to purchase real estate with them" - that's a federal crime "I (personally) issued a cryptographically signed statement that I own quadrillions of Satoshi bills and was able to purchase real estate with it" - that's perfectly legal

18 points by user20180120 2y ago

mdhb 2y ago

“Found”

Feels like this short article could have included the context that this was the associate (valet, of sorts) for Zhimin Qian the 'crypto queen'. KiraTV did a video on her : https://www.youtube.com/watch?v=O8zu1622TH4 https://www.youtube.com/watch?v=O8zu1622TH4

sparsely 2y ago
The accusations are all about money laundering, but is there any information about where the money/bitcoin actually came from?
- pjc50 2y ago
  Sky has more background https://news.sky.com/story/bitcoin-worth-1-4bn-seized-after-ex-takeaway-worker-tried-to-buy-23m-mansion-court-hears-13059926 https://news.sky.com/story/bitcoin-worth-1-4bn-seized-after-...
- umeshunni 2y ago
  Looks like it's from some investment fraud https://www.ft.com/content/60dd70f3-04f7-48fe-94ba-a34969ad75ac https://www.ft.com/content/60dd70f3-04f7-48fe-94ba-a34969ad7...

pjc50 2y ago

Longer: https://www.bbc.co.uk/news/uk-england-london-68620253 https://www.bbc.co.uk/news/uk-england-london-68620253

deleted 2y ago

[deleted]

nextaccountic 2y ago

What is "a crime linked to money laundering"? Was she convicted just of money laundering or had additional charges? She claimed that she mined the Bitcoin. Did the prosecution find that she obtained it another way? If so which way?

pizza234 2y ago
Based on the article linked below, it seems that the money come from criminal activity: > Wen tried to buy a string of expensive houses in London, but struggled to pass money-laundering checks and her claims she had earned millions legitimately mining Bitcoin were not believed. > CPS chief crown prosecutor [..] said [...] cryptocurrencies "are increasingly being used by organised criminals to disguise and transfer assets [...]". which is indeed money laundering, not tax evasion.
- sparsely 2y ago
  Sure, but what exactly was the criminal activity? Is the claim that she (or her close associates) engaged in it herself, or that she was acting purely as a launderer for others?
  - pizza234 2y ago
    More info here in links provided in sibling posts. From this one https://archive.ph/mTPuL https://archive.ph/mTPuL,: > Wen was ultimately arrested and convicted of one count of money laundering after two trials and acquittals on 10 other counts. She was not accused of involvement in the original alleged China fraud.
yencabulator 2y ago
Clicking through the "More on this story" link, we find > On Monday she was convicted of entering into or becoming concerned in a money laundering arrangement. Which sounds like she was facilitating money laundering without holding any criminal property herself. For a more comprehensive explanation, see e.g. https://www.jmw.co.uk/blog/business-money-laundering/three-main-money-laundering-offences https://www.jmw.co.uk/blog/business-money-laundering/three-m... It sounds like what the US often calls "conspiracy to ...".

jmclnx 2y ago

I do not understand, was the 2B hers or was she just laundering other people's coin ? If it was hers, why seize the full amount ? Is this another case of not allowing a serf not joining an exclusive club ? Yes if laundering the Jail sentence seems fine, but the seizure ? I do nor know.

andirk 2y ago

What measures do we have to prove someone mined the bitcoin personally? Similar to how one can say they sold a bunch of copper that they dug out of the ground when really they were paid in copper by illegal sources. The block's "coinbase" mints the reward coins sends it to an address. Put that BTC into one of those privacy coins and back out. Where's the connection to the block it was mined from? Gotta be some fingerprints somewhere. And... > it has since increased to around £3.4bn.

gus_massa 2y ago
> What measures do we have to prove someone mined the bitcoin personally? A room filled with ASICs and a huge electricity bill or the rooftop covered with solar panels?

Lockal 2y ago

Even assuming that bitcoins are indeed were directly mined, it's ridiculous how asymmetrical the modern world is about some things: "I (personally) issued counterfeit bills and was able to purchase real estate with them" - that's a federal crime "I (personally) issued a cryptographically signed statement that I own quadrillions of Satoshi bills and was able to purchase real estate with it" - that's perfectly legal