After you make money in the cryptocurrency circle

When life changes dramatically, the police find you

Police arrest hotel staff suspected of Bitcoin money laundering

British authorities sentenced a hotel staff in Hendon, North London, to six years in prison. Wen Jian was found guilty of money laundering related to $2.5 billion in Bitcoin. The 42-year-old woman had previously been convicted of exchanging fiat cash for cryptocurrencies, expensive jewelry and real estate. It is reported that Wen Jian's sudden lifestyle has raised concerns about the source of her wealth. Luxurious lifestyle and sudden wealth raise suspicions in Bitcoin case

Wen's lifestyle changed dramatically, and she moved to a six-bedroom mansion in North London in 2017. The mansion is said to rent for more than $20,000 a month. Before that, she lived in a humble apartment above a Chinese restaurant. After this major change, the police conducted a follow-up investigation and reviewed hundreds of digital files. Authorities traced Wen's newfound wealth to illegal Bitcoin.

Wen's case is one of the largest cases of its kind in the UK. It bears huge similarities to the 2016 Bitfinex hack, when more than $2 billion worth of Bitcoin was stolen from the exchange. As in Wen’s case, authorities were able to catch the criminals when they tried to convert the funds they stole into cash.

The Treasury Department is not trying to ban cryptocurrency mixers. Most cryptocurrency critics cite these cases to claim that cryptocurrencies are used to finance money laundering. Many claim that cryptocurrency mining companies are the biggest enablers of digital financial crime. However, a report from the U.S. Treasury Department refutes these claims. Interestingly, an official from the department recently denied that it is trying to ban cryptocurrency mixing services.

Brian Nelson, the Treasury Department’s Under Secretary for Terrorism and Financial Intelligence, claimed that the agency’s recent proposal is not aimed at banning cryptocurrency mixing services. Instead, its goal is to increase transparency.

The department’s previous proposal identified cryptocurrency mixers as a money laundering problem. The subsequent policy required cryptocurrency platforms to report transactions that require mixing. In addition, U.S. authorities have taken enforcement actions against Tornado Cash and Samourai Wallet.Most cryptocurrency users consider these to be prohibitive”