Latest news with #LiTao
South China Morning Post
29-07-2025
- Business
- South China Morning Post
China convicts crypto money launderers who embezzled US$20 million from Beijing tech firm
Chinese official media reported details of a crackdown on a money-laundering operation involving 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.
Cision Canada
11-06-2025
- Business
- Cision Canada
JZXN Raises Funds through Convertible Notes to Acquire Bitcoin, Initiating a Strategic Layout of Thousands of Bitcoins
HANGZHOU, China, June 11, 2025 /CNW/ -- JZXN Holdings, Inc. (NASDAQ: JZXN; the "Company") announced that its board of directors has approved the issuance of convertible notes for fundraising. The funds will be exclusively used for Bitcoin strategic reserves, and upon receipt, 23.5 Bitcoins will be purchased as the initiation of the "Thousand Coins Plan" announced on May 22, 2025. The investors and investment conditions have been finalized, with the acquisition set to be completed shortly. This move signifies JZXN's U.S. subsidiary's entry into digital assets, demonstrating its confidence in Bitcoin's long-term value. Per the Board resolution, JZXN will execute Bitcoin asset allocation progressively, with this initial acquisition constituting a core component of its thousand-Bitcoin strategy. The company emphasized Bitcoin's role as a flagship blockchain technology, noting its decentralized architecture, transparency, and security provide innovative options for asset diversification. By incorporating Bitcoin, JZXN aims to optimize its asset portfolio, enhance risk resilience, and capitalize on opportunities within the digital economy. The convertible note offering represents a strategic decision aligned with current market dynamics and corporate objectives. JZXN will strictly comply with relevant laws, regulations, and supervisory requirements to ensure legitimate deployment of raised capital. While acknowledging Bitcoin's substantial investment potential, the company concurrently committed to maintaining prudent investment discipline to safeguard capital. Li Tao, CEO of JZXN, stated: "We fully recognize the volatility and uncertainty of the Bitcoin market. However, it is precisely based on our in-depth understanding of blockchain technology and long-term confidence in its potential that we have decided to take this step. Through this acquisition, we will further diversify the company's asset structure and enhance its risk resilience and profitability. Simultaneously, we will continue to monitor and explore applications of blockchain technology in other fields, aiming to generate new value for the company." This initiative underscores JZXN's expansion into digital asset investments. The firm positions Bitcoin not only as a foundational element of the digital asset ecosystem but also as a potential global strategic reserve asset. JZXN reaffirmed its dedication to generating sustainable long-term value for shareholders and investors through continuous strategic investments and technological innovation.
