An employee of a short video platform defrauded the company of 140.0 million yuan in bonuses and used virtual currencies such as Bitcoin to launder the money.

On July 27th, according to the People's Daily, the Haidian District People's Procuratorate of Beijing released the "White Paper on Anti-Commercial Corruption Procuratorial Work (2020-2024)", disclosing a commercial corruption case involving 140.00M yuan. In the case, Feng, an employee of a short video platform company, colluded with external suppliers to defraud the company of 140.00M yuan in bonuses through false application materials. In order to cover up the source of funds, Feng instructed his accomplices to use 8 overseas virtual currency trading platforms to convert the embezzled money into virtual currencies such as Bitcoin in batches, and used "mixing" technology to confuse the transaction path to achieve money laundering. Through electronic data review, the procuratorate constructed a "three-flow integration" evidence system and successfully recovered more than 90 Bitcoins. Ultimately, Feng and 6 other people were sentenced to fixed-term imprisonment ranging from three to fourteen years and six months for the crime of embezzlement. The procuratorate pointed out that the current commercial corruption shows a "means upgrade" trend such as using virtual currency for money laundering, and the digital economy field has become a high-incidence area of commercial corruption. [深潮TechFlow]