Chinese Tech Executive Sentenced to 14.5 Years for Crypto Money Laundering
The post Chinese Tech Executive Sentenced to 14.5 Years for Crypto Money Laundering appeared on BitcoinEthereumNews.com. Chinese tech executive jailed for 14.5 years for money laundering millions via crypto; China tightens crackdown on digital asset crimes. A former tech executive in China has been sentenced to 14 years and six months in prison. The Beijing court found him guilty of embezzling 140 million yuan (around US$19.5 million) and laundering the funds using cryptocurrency. The executive, surnamed Feng, was employed at a short video platform. He was in charge of incentive payouts. China Warns Firms: Follow Law in Crypto Dealings Prosecutors said that Feng worked with external vendors. They also fabricated false claims and transferred firm funds to personal accounts. He was then able to convert the stolen money to Bitcoin and other digital currencies. These were executed on eight overseas crypto-trading platforms. The case was unique in three aspects. First, there was large-scale corruption by a person in a low level of the hierarchy. Second, it presented how illegal money was concealed with the help of virtual currencies. Third, the company lacked strong prevention of fraud systems. These are the arguments that were emphasized by Prosecutor Li Tao in the trial. Feng was not the only one who was charged. Other people were also convicted by the court, including the key perpetrator, Wan Mouyuan. The members employed a technique in which they employed Chinese yuan (RMB) and the stablecoin USDT (Tether) to perform unlawful foreign exchange transactions and U.S. dollars. This program had a total value of more than 234 million yuan. The significance of this case is that it contributes to the understanding of Chinese courts in regard to cryptocurrency crime. There has been a small response to this among the population, but it indicates how the Chinese government continues to crack down on crimes with digital assets. The governments are becoming apprehensive in warning…
The post Chinese Tech Executive Sentenced to 14.5 Years for Crypto Money Laundering appeared on BitcoinEthereumNews.com.
Chinese tech executive jailed for 14.5 years for money laundering millions via crypto; China tightens crackdown on digital asset crimes. A former tech executive in China has been sentenced to 14 years and six months in prison. The Beijing court found him guilty of embezzling 140 million yuan (around US$19.5 million) and laundering the funds using cryptocurrency. The executive, surnamed Feng, was employed at a short video platform. He was in charge of incentive payouts. China Warns Firms: Follow Law in Crypto Dealings Prosecutors said that Feng worked with external vendors. They also fabricated false claims and transferred firm funds to personal accounts. He was then able to convert the stolen money to Bitcoin and other digital currencies. These were executed on eight overseas crypto-trading platforms. The case was unique in three aspects. First, there was large-scale corruption by a person in a low level of the hierarchy. Second, it presented how illegal money was concealed with the help of virtual currencies. Third, the company lacked strong prevention of fraud systems. These are the arguments that were emphasized by Prosecutor Li Tao in the trial. Feng was not the only one who was charged. Other people were also convicted by the court, including the key perpetrator, Wan Mouyuan. The members employed a technique in which they employed Chinese yuan (RMB) and the stablecoin USDT (Tether) to perform unlawful foreign exchange transactions and U.S. dollars. This program had a total value of more than 234 million yuan. The significance of this case is that it contributes to the understanding of Chinese courts in regard to cryptocurrency crime. There has been a small response to this among the population, but it indicates how the Chinese government continues to crack down on crimes with digital assets. The governments are becoming apprehensive in warning…
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