TechFlow News, July 27, according to a report from People's Daily, the Haidian District People's Procuratorate in Beijing released the "White Paper on Anti-Commercial Corruption Procuratorial Work (2020–2024)," disclosing a commercial corruption case involving 1.4 billion yuan.
In the case, an employee named Feng from a short video platform company colluded with external suppliers to fraudulently obtain company incentive funds totaling 1.4 billion yuan using false application materials. To conceal the source of the funds, Feng instructed accomplices to use eight overseas virtual currency trading platforms to convert the illicit proceeds into Bitcoin and other virtual currencies in batches, employing "coin mixing" technology to obscure transaction paths and facilitate money laundering.
Through electronic data review, the procuratorate established a "three-stream integration" evidence system and successfully recovered over 90 Bitcoins. Ultimately, Feng and six others were sentenced to prison terms ranging from three to fourteen years and six months for the crime of occupational embezzlement.
The procuratorate pointed out that current commercial corruption is showing an "upgraded trend" in methods, such as the use of virtual currencies for money laundering, with the digital economy sector becoming a high-incidence area for commercial corruption.
