China Cracks Down on $19.5M Crypto Money Laundering Ring Using Mixing Services

Former tech executive sentenced to 14+ years for embezzling $19.5M via crypto . Feng used crypto mixers and 8 crypto platforms to hide funds before converting to yuan. Beijing authorities order the surrender of 90 hidden bitcoins worth over $11 million. Chinese authorities have detailed a major cryptocurrency money laundering operation involving a former technology executive who embezzled 140 million yuan ($19.5 million) from his employer. The Beijing Haidian People’s Procuratorate revealed how the defendant used eight overseas virtual currency platforms to convert stolen funds into bitcoin and other digital assets. The executive, identified by surname Feng, used coin mixing strategies to hide the origin of laundered money before converting portions back to yuan for mainland bank transfers. According to SCMP , prosecutor Li Tao from the hi-tech crime division reconstructed the complete embezzlement and laundering process to build criminal charges against Feng and his associates. Court Orders Bitcoin Surrender and Prison Sentence Feng received a sentence exceeding 14 years in prison and must surrender 90 “hidden” Bitcoins valued at over $11 million at curr… The post China Cracks Down on $19.5M Crypto Money Laundering Ring Using Mixing Services appeared first on Coin Edition .