Beijing cracks $20.00M Bitcoin money laundering case, recovers 92 BTC

The Haidian District People's Procuratorate of Beijing recently successfully solved a major embezzlement case involving money laundering using Bitcoin. According to reports, the case involved as much as 140.00 million yuan (approximately $20.00 million USD), and the main members of the criminal gang were employees of Kuaishou, a well-known short video platform in China. Investigations revealed that the suspects transferred illegal gains through 8 overseas cryptocurrency exchanges and coin mixing services in an attempt to conceal the flow of funds. After technical tracking, law enforcement agencies successfully recovered 92 Bitcoins (worth approximately $11.70 million USD) and have returned them to the victimized company. The principal offender, Feng, and his 7 accomplices were sentenced to imprisonment ranging from 3 to 14 years for the crime of embezzlement, and were also fined accordingly. [ChainCatcher]