TechFlow news, on August 26, according to "Caijing Story", Feng Dian, former General Manager of the E-commerce Service Provider Operations Center at Kuaishou, was sentenced for embezzlement, involving an amount as high as 140 million yuan, setting a new record for corruption cases in major internet companies. Feng exploited loopholes in subsidy policies through his authority, colluded with suppliers to submit false application materials, transferred company subsidy funds into accounts under his control, and laundered the illicit funds by converting them into Bitcoin and other cryptocurrencies via eight different overseas cryptocurrency trading platforms. The case has recently been adjudicated, with Feng Dian and six others sentenced to fixed-term imprisonment ranging from three years to fourteen years and six months for the crime of embezzlement, and over 90 Bitcoins hidden by them have been recovered.
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