Details of a 140 million yuan bribery case on a short video platform in Beijing have been revealed, involving the use of virtual currencies to launder money and transfer illicit funds.

On July 28, Feng, a former employee of a short video platform company in Haidian District, Beijing, colluded with external suppliers by taking advantage of his position, illegally obtaining 140.00 million yuan in bonuses from the company by reserving loopholes in the reward policy and leaking internal data. The people involved also transferred the ill-gotten gains by registering shell companies and laundering money through virtual currencies. Among them, Feng instructed Tang and Yang to use 8 different overseas virtual currency trading platforms to convert the huge amount of money defrauded into virtual currencies such as Bitcoin in batches.

In order to completely cut off the traceability chain of the flow of funds, the Feng gang adopted a more secretive "mixing currency" method, that is, confusing the cryptocurrency transaction path through technical means to achieve "privacy" protection. Faced with the evidence, the Feng gang had to hand over more than 90 Bitcoin they had hidden, allowing the company to recover some of its losses. In the end, Feng and 6 others were sentenced by the Haidian District People's Court to fixed-term imprisonment ranging from fourteen years and six months to three years for the crime of embezzlement, and were fined accordingly. The judgment is now in effect. [BlockBeats]