A Malaysian nationwide, Sen Hok Ling, has been ordered by the UK’s Crown Prosecution Service (CPS) to repay greater than $7.6 million (£5 million) for his function in dealing with cash linked to Chinese language Bitcoin
$89,377.14
fraudster Zhimin Qian.
If he fails to pay inside three months, he may resist eight extra years in jail.
In keeping with the CPS, Ling acquired 83.7 BTC from Qian between February and April 2024. He later withdrew or transformed the funds by means of financial institution accounts within the United Arab Emirates and different intermediaries.
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The company mentioned the transactions have been a part of an organized effort to disguise the supply of felony funds and switch them into usable money.
Adrian Foster, Chief Crown Prosecutor for the CPS Proceeds of Crime Division, defined that the operation had moved giant quantities of cash from criminality.
Adrian Foster, Chief Crown Prosecutor of Crown Prosecution Service Proceeds of Crime Division, mentioned in a press release, “Ling took half in a complicated cash laundering operation which laundered many thousands and thousands of kilos from the proceeds of crime”.
He added that the confiscation order requires Ling to pay the total quantity throughout the specified interval or face extra jail time.
Foster mentioned, “We have now right this moment secured a Confiscation Order towards him of over £5 million, which he should pay inside 3 months or danger being returned to jail for a further sentence of eight years”.
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