A hospitality employee from Hendon, north London, was given a prison sentence of six years and eight months on May 24 for money laundering offenses involving $2.5 billion in Bitcoin.

Jian Wen, 42, was found guilty by a specialized court in the United Kingdom in March after authorities uncovered his involvement in converting fiat currency into crypto assets, including high-value properties and jewelry.

BBC reports suggest that Wen's sudden change in lifestyle raised suspicion. After residing in an apartment above a Chinese restaurant, he moved to a six-bedroom mansion in North London in 2017, paying around $21,420 per month. This dramatic shift prompted further investigation, during which police examined 48 electronic devices and thousands of digital files, many of which were translated from Mandarin.

The $2.5 billion Bitcoin seizure was the largest of its kind in the U.K., drawing comparisons to the 2016 Bitfinex hack where over $2 billion worth of Bitcoin was stolen. In both cases, the perpetrators were apprehended while attempting to cash out their illicit gains, with their lavish lifestyles contributing to their downfall.

Critics often cite such cases to argue that cryptocurrency is primarily used for money laundering. However, a recent U.S. Treasury Department report counters this notion, suggesting that cryptocurrency is not a preferred method for money laundering. While digital assets are susceptible to exploits and hacks due to third-party vulnerabilities, decentralized technology plays a crucial role in tracking down perpetrators.

The Bitfinex hackers were caught after seven years when they tried to move the stolen funds. Similarly, many scammers and hackers have been apprehended and stolen funds recovered thanks to distributed ledger technology, which facilitates the tracking of these assets. This technology has proven effective in tracing and capturing criminals, despite the vulnerabilities inherent in the digital asset ecosystem.