Short video platform exposes 140.0 million yuan corruption case, employees use Bitcoin to "mix coins" for money laundering

The Haidian District Procuratorate in Beijing revealed that a former employee of a short video platform, Feng, colluded with external merchants to defraud 140.00 million yuan in subsidies by leaking internal data and making false declarations. The embezzled money was received through shell companies, converted into Bitcoin, and laundered through "mixing" techniques, with some of the funds then transferred back to accounts controlled by him. Feng and six others were sentenced to prison terms ranging from three to fourteen years and six months, along with fines. More than 90 Bitcoins were recovered, and the judgment has taken effect. [People's Daily]