Court in London convicts of laundering 60 thousand bitcoins

In London, the court found guilty Chen Zhiming, who was the main defendant in the case of laundering a large amount of cryptocurrency - 60 thousand bitcoins. He was sentenced to 11 years and 8 months in prison for preparing and carrying out fraud related to the unauthorized withdrawal of investment funds. Judge Sally-Ann noted that the scale of the crime was unprecedented, and Chen's motives were equally greed and a desire to avoid punishment.

Source Weekly Caixin 

Chen Zhiming fled China and spent the next seven years in hiding, evading justice. He manipulated people, shaping his environment and using persuasive mechanisms to recruit accomplices. His detention was the natural result of a long-lasting law enforcement effort, which demonstrates the growing global fight against money laundering in the cryptocurrency sector.

It is expected that the verdict will contribute to the strengthening of control over cryptocurrency transactions and will also influence the legislative regulation in this area. Further legal actions may include confiscation of assets and in-depth investigations of other parties involved in the case.