Hospitality Workers Stated Guilty Of Money Laundering With Bitcoin Worth IDR 39,255 Billion

Jian Wen was found guilty of money laundering using Bitcoin (photo: x @skynews)

JAKARTA - A worker in the hospitality industry has reportedly been found guilty of money laundering in a special court in the UK for major fraud cases following the discovery of Bitcoin worth IDR 39.255 billion in his possession.

According to a recent report from the BBC, the Southwark Crown Court has found Jian Wen guilty of money laundering using Bitcoin to buy "houses worth millions of pounds and jewelry." The investigation involved examining 48 electronic devices and thousands of digital files, many of which were translated from Mandarin.

It was Wen-lifestyle changes that attracted the attention of the authorities. In 2017, he reportedly moved from living in a flat over a Chinese restaurant to renting a six-room house in North London at a cost of around Rp336 million per month.

On January 31, Cointelegraph reported that efforts to purchase a mansion worth IDR 471 billion in London became a red flag for authorities to investigate.

That same year, he reportedly tried to buy some luxury homes in London but faced challenges in going through money laundering checks despite his claim to have made millions of Bitcoin mining.

The British police claim that this confiscation is "the greatest of its kind in the UK." Wen was found guilty of being "involved in the regulation of money laundering" and is scheduled to be punished on May 10.

"Bitcoin and other cryptocurrencies are increasingly being used by organized criminals to hide and transfer assets, so con artists can enjoy the benefits of their criminal acts," said Chief Prosecutor Andrew Penhale.

However, a recent report from the United States Department of Finance questioned the public claim by authorities that crypto is a popular choice for money laundering, stating that cash remains a preferred option.

On February 8, the Treasury Department highlighted the anonymity and stability of cash as the main reason why it remains a preferred method for washing illegal profits.

Similarly, stock exchange company Nasdaq recently released its "Global Financial Crime Report", highlighting data related to financial crimes over the past year, without mentioning Bitcoin or crypto. The report estimates that by 2023, around IDR 48.432 trillion of illegal funds will flow through the global financial system.