China Cracks Down on $19.5M Crypto Money Laundering Ring Using Mixing Services
Main Idea
Chinese authorities have cracked down on a $19.5 million crypto money laundering operation, sentencing a former tech executive to over 14 years in prison and seizing 90 bitcoins worth over $11 million.
Key Points
1. A former technology executive was sentenced to over 14 years for embezzling $19.5 million from his employer using cryptocurrency.
2. Beijing authorities ordered the surrender of 90 hidden bitcoins valued at over $11 million.
3. The case highlights China's systematic approach to liquidating seized cryptocurrencies through licensed Hong Kong exchanges.
4. Authorities in Yancheng, Jiangsu province, previously confiscated 195,000 bitcoins from a Ponzi scheme in 2020, worth approximately $23.4 billion at current valuations.
5. The Beijing Equity Exchange partnership serves as an institutional framework for the liquidation of seized crypto assets.
Description
Former tech executive sentenced to 14+ years for embezzling $19.5M via crypto . Feng used crypto mixers and 8 crypto platforms to hide funds before converting to yuan. Beijing authorities order the surrender of 90 hidden bitcoins worth over $11 million. Chinese authorities have detailed a major cryptocurrency money laundering operation involving a former technology executive who embezzled 140 million yuan ($19.5 million) from his employer. The Beijing Haidian People’s Procuratorate revealed how ...
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