Beijing employees used cryptocurrency to launder 140 million yuan

In Haidian District, Beijing, Feng – a former employee of a short video platform – exploited a reward system loophole to embezzle 140 million yuan. The money was then laundered through multiple foreign cryptocurrency exchanges with the support of accomplices. The incident led to a series of arrests, with sentences ranging from 3 to 14 years in prison.

The incident shows the increasing risks from cryptocurrencies in criminal activities due to their high anonymity. China calls for strengthened management and control of this sector. The IC3 Cryptocurrency Report 2023 also emphasizes the use of "mixing money" technology by criminals to erase traces, highlighting the growing threat to this country's digital economy. — People's Daily