Crypto Laundering Lands Chinese Exec 14-Year Jail Sentence

Key Points

1. Feng, a former manager, embezzled 140 million yuan ($19.5 million) by collaborating with contractors to submit fake claims.

2. The stolen funds were laundered using cryptocurrency mixing tools, but authorities tracked and recovered over 90 Bitcoin (worth nearly $11 million).

3. Prosecutor Li Tao cited the case as an example of insufficient internal controls to prevent such crimes.

4. The investigation utilized digital tracking methods to uncover the full extent of the embezzlement and laundering scheme.