Woman involved in laundering USD $10 million in Bitcoin sentenced to prison – DiarioBitcoin

The funds legitimized by the defendant were part of a much larger criminal plot, which raised around USD $5.6 billion in cryptocurrencies during its years of operations.

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• UK authorities captured woman who legitimized more than 150 BTC
• These funds were part of a larger scale scam
• The woman provided services to an unknown person from China, whom she helped legitimize the funds
• The authorities confiscated about 61,000 BTC belonging to said scheme

A court in London, United Kingdom, found a woman guilty of participating in a money laundering scheme with Bitcoinwhich had links to a fraud that stole billions of dollars in investments.

The defendant, a 42-year-old woman of British and Chinese nationality, received a sentence of six years and eight months after being found guilty by the court handling her case. According to various reports, she helped in the laundering of about 150 bitcoins (BTC) valued at more than USD $10.4 million at the current exchange rate.

The investigations determined that the bitcoins laundered by the accused were part of a much larger fraud and investment plot. The reports indicate that from that same plot About 61,000 BTC valued at more than USD $4.22 billion were confiscatedout of a total of USD $5.6 billion stolen from the victims.

In the case of the accused, it is reported that she was laundering funds between 2017 and 2022, all belonging to an unidentified Chinese woman who was listed as the mastermind of the laundering operation. The court did not accuse her of other crimes, since it determined that the accused only dedicated herself to certain tasks and was unaware of the origin of the funds, although this did not exempt her from her responsibility in the plot.

Before participating in this money laundering scheme, the accused worked as a worker in the fast food sector. However, after beginning to accumulate profits, she quickly changed her lifestyle to take on more luxuries and expenses.

Bitcoin, money laundering and other crimes

Although digital currencies have certain properties that make them attractive to criminals, the truth is that they do not provide complete anonymity as some believe.

With the necessary knowledge and precise investigative tools, authorities in a growing number of countries are increasingly better equipped to track crypto funds allegedly associated with scams. By combining this information with another series of resources used to address the financial sector, it is possible to find those responsible for certain crimes by cross-referencing the information collected.

For example, in the US, we have the capture of two people involved in laundering at least USD $73 million with cryptocurrencies, who were part of a large-scale network that operated romantic/affective scams, better known as “Pig Butchering” (pig slaughter). The actions of the authorities, hand in hand with the coordinated work of investigative agencies, led to finding those responsible.

Article by Angel Di Matteo / DailyBitcoin

Picture of Unsplash

WARNING: This is an informative article. DiarioBitcoin is a media outlet, it does not promote, endorse or recommend any particular investment. It is worth noting that investments in cryptoassets are not regulated in some countries. They may not be suitable for retail investors as the entire amount invested could be lost. Check the laws of your country before investing.