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Beijing Busts $20 Million Bitcoin Money Laundering Case, Recovers 92 BTC
Summary: According to reports, Beijing's Haidian District People's Procuratorate recently successfully cracked a major embezzlement case involving the use of Bitcoin for money laundering. The case involved a staggering amount of 140 million RMB (approximately $20 million USD), with the main members of the criminal gang being employees of the well-known domestic short video platform Kuaishou. ...
According to reports, Beijing's Haidian District People's Procuratorate recently successfully cracked a major embezzlement case involving the use of Bitcoin for money laundering. The case involved a staggering amount of 140 million RMB (approximately $20 million USD), with the main members of the criminal gang being employees of the well-known domestic short video platform Kuaishou. Investigations revealed that the suspects used 8 overseas cryptocurrency exchanges and coin mixing services to transfer illegal proceeds in an attempt to conceal the flow of funds. Through technical tracking, law enforcement authorities successfully recovered 92 bitcoins (worth approximately $11.7 million USD at the time) and have returned them to the victimized companies. The ringleader, Feng, and his 7 accomplices were sentenced to 3 to 14 years in prison for embezzlement and were fined accordingly.
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Link: Beijing Busts $20 Million Bitcoin Money Laundering Case, Recovers 92 BTC [Copy]
