Report of a $19.5 Million Heist and a Bitcoin Trail Gone Wrong in China
- A Chinese tech executive was sentenced to 14+ years for laundering $19.5M through crypto and offshore exchanges.
- Prosecutors traced the entire laundering process, exposing the use of coin mixing and crypto reconversion into yuan.
- Feng was ordered to surrender 90 hidden bitcoins, worth over $11 million at current prices.
Chinese authorities have ramped up efforts to prosecute cryptocurrency-related crimes, sentencing a former tech executive to over 14 years in prison for embezzling 140 million yuan (approximately $19.5 million) from his employer.
According to a report, the Beijing Haidian People’s Procuratorate found that Feng converted the stolen funds into Bitcoin and other cryptocurrencies using eight overseas trading platforms, and deployed a coin-mixing strategy to hide the origins of the funds.
Related: “A Threat to the Financial System”: An Indian Court Takes a Hard Line on Crypto Crime
Feng Ordered to Surrender Hidden BTC Stash
After laundering the assets, Feng and his accomplices converted portions of the crypto back into yuan and funneled the funds into bank accounts in mainland China. Interestingly, the Chinese law prohibits crypto tr…
The post Report of a $19.5 Million Heist and a Bitcoin Trail Gone Wrong in China appeared first on Coin Edition.
Read More
Report of a $19.5 Million Heist and a Bitcoin Trail Gone Wrong in China
- A Chinese tech executive was sentenced to 14+ years for laundering $19.5M through crypto and offshore exchanges.
- Prosecutors traced the entire laundering process, exposing the use of coin mixing and crypto reconversion into yuan.
- Feng was ordered to surrender 90 hidden bitcoins, worth over $11 million at current prices.
Chinese authorities have ramped up efforts to prosecute cryptocurrency-related crimes, sentencing a former tech executive to over 14 years in prison for embezzling 140 million yuan (approximately $19.5 million) from his employer.
According to a report, the Beijing Haidian People’s Procuratorate found that Feng converted the stolen funds into Bitcoin and other cryptocurrencies using eight overseas trading platforms, and deployed a coin-mixing strategy to hide the origins of the funds.
Related: “A Threat to the Financial System”: An Indian Court Takes a Hard Line on Crypto Crime
Feng Ordered to Surrender Hidden BTC Stash
After laundering the assets, Feng and his accomplices converted portions of the crypto back into yuan and funneled the funds into bank accounts in mainland China. Interestingly, the Chinese law prohibits crypto tr…
The post Report of a $19.5 Million Heist and a Bitcoin Trail Gone Wrong in China appeared first on Coin Edition.
Read More