A Chinese man, Xiao Yi, has reportedly been sentenced to life imprisonment for concealing illicit cryptocurrency mining operations and accepting bribes. The South China Morning Post’s recent report reveals that Xiao Yi, a former senior provincial official, was found guilty of supporting local crypto mining businesses.
Xiao Yi, 61, who previously held positions such as Vice Chairman of the Jiangxi Provincial Committee of the Chinese People’s Political Consultative Conference and Communist Party Chief of Fuzhou City, provided financial and electrical assistance to local crypto mining companies. This information was confirmed through a court statement released earlier this week.
In a January news program, the Chinese government disclosed Xiao Yi’s misconducts. These include disguising a crypto mining company as a big data and cloud computing enterprise, directing a local crypto mining group called Jiumu Group Genesis Technology to deceive inspectors, and manipulating power usage data to hide mining operations.
During the aired news program, Xiao Yi admitted:
“I’m a sinner to the people in Fuzhou, and I have failed them. Because of my distorted view of political achievements… I acted recklessly, causing such grave losses.”
The court determined that Xiao Yi’s actions resulted in the wastage of public utilities, destruction of public property, and harm to China’s national interests. Additionally, Xiao Yi was accused of accepting bribes amounting to $17 million (125 million yuan) between 2008 and 2021. These bribes were reportedly given to secure advantages for specific companies and individuals.
China’s crackdown on crypto-related transactions escalated in 2021, as the country deemed such activities illegal due to concerns about security and social stability.
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Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.
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