The Chinese authorities dismantled the Bitcoin (BTC) washing that includes Kuishou employees, the second largest video sharing in Tiktok.
China is still one of the most stringent regulatory environments in the world. It is prohibited by a semi -concerned prohibition on financial stability, capital, crime and environmental influence.
Kuishou employees imprisoned for Bitcoin $ 20 million
Haidian District People Procuratory said in Beijing that those familiar with the company have disturbed approximately 140 million yuan (about 20 million dollars).
According to what was reported, they used Bitcoin to hide and transfer money through a sophisticated network of encryption and mixers.
The case revealed how the group transferred the stolen money through eight exchange of cryptocurrencies abroad, taking advantage of the currency mixing services to disturb the path of transactions.
Despite their efforts, investigators followed the flows and eventually regained 92 BTC, at a value of 89 million yuan ($ 11.7 million), which were returned to the company. The Public Prosecutor described the Hedian defendants the issue as symbolic of new trends in digital corruption.
“This situation highlights three prominent features of modern corruption in the digital age: small officials who suffer from great corruption and money laundering with virtual currency and poor awareness of managing companies risk”, local media I mentionedQuoted by the public prosecutor Lee Tao.
Feng was convicted, the main perpetrator, and seven conspirators of professional embezzlement. Their rulings ranged between three to fourteen years in prison, along with financial penalties.
The verdict, which was delivered by the People’s Court in Heidian County, stresses the increasing ability of China to track digital assets even through layers of not detecting its identity.
This condition is a task that exceeds the volume of money, which reflects an escalating trend as commercial corruption is intertwined with emerging technologies such as encryption. This allows the perpetrators to perform a high -tech technical washing that exceeds the traditional regulatory spread.
Recently, Beijing Financial Court has sentenced Hao to 11 years in prison for bribery and laundering money related to bitcoin.
Haidian Procuratory recently released a white paper on commercial corruption, documentation 1,253 relevant cases between 2020 and 2024.
The authorities have highlighted the number of plans that are now coordinated with external actors and relied heavily on digital tools to evade the audit.
This situation indicates the need for technology companies and encryption platforms to enhance surveillance systems amid height efforts.
Meanwhile, China’s position on encryption is still controversial. The National Development and Reform Committee in China (NDRC) has ranked the digital assets market as an unwanted industry. On this background, the provinces closed mining operations.
Likewise, the Chinese government announced all illegal encryption transactions, which enhances the ban and the prohibition of external exchanges from serving Chinese citizens. Beincrypto mentioned The Chinese court rules that the circulation of encryption futures constitute gambling, which BKEX employees will “open a casino”.
Although the country has an attached capacity to adapt to geopolitical transformations to maintain its economic hegemony. Two of these endeavors include a recent incentive of $ 138 billion and reverse ribio modifications.
Disintegration
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2025-07-27 21:20:00
