China convicts crypto money launderers who embezzled US$20 million from Beijing tech firm
cryptocurrencies , shedding light on the mainland's underground crypto landscape and increased efforts by authorities to seize crypto assets.
According to a report last week by the People's Daily, which cited the Beijing Haidian People's Procuratorate's ruling, a former executive surnamed Feng embezzled 140 million yuan (US$19.5 million) from his employer, a tech firm. He then used eight overseas virtual currency trading platforms to convert the funds into
bitcoin and other cryptocurrencies.
Feng and his accomplices employed a so-called coin mixing strategy to obscure the origin of their money, converted portions of their cryptocurrencies back into yuan, and then transferred the funds into their mainland bank accounts.
During the investigation, prosecutor Li Tao from the hi-tech crime division of the Haidian People's Procuratorate, reconstructed the entire process of how the funds were embezzled, transferred, laundered, and divided to build charges against Feng and his associates, according to the report.
Feng was ordered to surrender 90 'hidden' bitcoin valued at over US$11 million based on current prices. He was convicted and sentenced to more than 14 years in prison.
The case highlighted the rising use of cryptocurrencies for money laundering in China, where authorities maintain a stringent ban on crypto trading and prohibit its banking system from engaging with these virtual assets.
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