CryptoMediaClub
Sunday, July 6, 2025
  • All news
  • Bitcoin
  • Ethereum
  • Altcoins
  • NFT
  • Blockchain
  • Analysis
No Result
View All Result
  • All news
  • Bitcoin
  • Ethereum
  • Altcoins
  • NFT
  • Blockchain
  • Analysis
No Result
View All Result
CryptoMediaClub
No Result
View All Result
Home Blockchain

Chinese official sentenced to life in prison for Bitcoin mining, corruption

22.08.2023
A A
0
128
VIEWS
ShareShare

A Chinese government official has been sentenced to life in prison for illegitimate business operations related to running a 2.4 billion Chinese yuan ($329 million) Bitcoin (BTC) mining enterprise and for unrelated charges of corruption.

According to local media reports, the Intermediate People’s Court of Hangzhou City sentenced Xiao Yi, a former member of the Jiangxi Provincial Political Consultative Conference Party Group and vice chairman, to life in prison for corruption and abuse of power on Aug. 22.

The corruption charges stem from non-crypto-related activities of bribery from 2008 to 2021. The abuse of power charges, dating from 2017 to 2021, stem from providing financial and electricity subsidies to Jiumu Group Genesis Technology, a firm based in the city of Fuzhou that at one point operated more than 160,000 Bitcoin mining machines.

Prosecutors say that Yi “covered up” the mining operation by instructing relevant departments to fabricate statistical reports and adjust the classification of electricity consumption. From 2017 to 2020, Jiumu’s electricity consumption accounted for 10% of Fuzhou’s total electricity consumption. “Yi pleaded guilty and repented, actively returned the stolen funds, and all the bribes and their profits have been seized,” wrote the ruling magistrate of the Hangzhou People’s Court.

Currently, China bans all forms of cryptocurrency transactions, exchange operations and fiat-to-crypto onboarding but has stopped short of prohibiting outright ownership. In an Aug. 3 decision, a Chinese court ruled that a $10 million Bitcoin lending contract was invalid based on the country’s Bitcoin ban with no possibility of legal debt recovery. On Aug. 14, a Chinese national was sentenced to nine months in prison for helping an acquaintance purchase Tether (USDT), profiting $20 from the transaction.

Former Chinese government official Xiao Yi awaits sentencing. Source: Intermediate People's Court of Hangzhou City

Magazine: Chinese TV’s crypto ‘bull run’ report censored, Multichain crisis

Share10Tweet6ShareSharePin2

Related Posts

Tether USDT: Massive 1 Billion Minting Sparks Crucial Market Shift
Blockchain

Tether USDT: Massive 1 Billion Minting Sparks Crucial Market Shift

04.07.2025
0

Skip to content

Read moreDetails
Hancom With Pioneers RWA Space with Gold-Backed Stablecoin

Hancom With Pioneers RWA Space with Gold-Backed Stablecoin

03.07.2025
Stablecoin Revenue Soars: Companies Post Massive $10 Billion Annual Earnings

Stablecoin Revenue Soars: Companies Post Massive $10 Billion Annual Earnings

03.07.2025
Kazakhstan Crypto Reserve: Unlocking a Bold Future for National Digital Assets

Kazakhstan Crypto Reserve: Unlocking a Bold Future for National Digital Assets

30.06.2025
Web3 Security: GoPlus Unveils Crucial Clarification on Venus Protocol $2M Theft

Web3 Security: GoPlus Unveils Crucial Clarification on Venus Protocol $2M Theft

25.06.2025
Load More
Next Post
Crypto Analyst VirtualBacon’s Shift in Perspective: XRP’s Potential to Outperform in Upcoming Bull Run

Crypto Analyst VirtualBacon’s Shift in Perspective: XRP’s Potential to Outperform in Upcoming Bull Run

5 1 vote
Рейтинг статьи
Subscribe
Notify of
guest
guest
0 комментариев
Oldest
Newest Most Voted
Inline Feedbacks
View all comments

Recommended

Kraken secures money license registrations in Spain and Ireland

Kraken secures money license registrations in Spain and Ireland

2 years ago
Hedge Fund Elliott Sees Trump’s Crypto Push Inflating a Bubble Sure to Pop

Hedge Fund Elliott Sees Trump’s Crypto Push Inflating a Bubble Sure to Pop

5 months ago
Reebok Develops Blockchain-Based Virtual Gaming Experiences With Futureverse

Reebok Develops Blockchain-Based Virtual Gaming Experiences With Futureverse

2 years ago
FBI warns of phishing scams and social media account hijackers

FBI warns of phishing scams and social media account hijackers

2 years ago

Categories

  • All news
  • Altcoins
  • Analysis
  • Bitcoin
  • Blockchain
  • Ethereum
  • NFT
No Result
View All Result

Highlights

XRP Price Prediction: Is Consolidation Over? Crypto Michael’s Chart Hints at Explosive Move

Bitcoin Price Prediction: Post-$50B Whale Dump, BTC Price Holds Steady – Can Institutional Control Drive New Highs?

Why Snaky Way’s $AKE Token Is More Than Just a Meme Coin, Presale Ongoing

Ripple (XRP) Holders Achieve Financial Freedom by Starting Dogecoin (DOGE) Mining Machines through Blockchain Cloud Mining

PEPE Whales Accumulate Amid Market Volatility: Is a 200x Rally Coming?

Bitcoin Cash Futures Jump 24% as Active Addresses Hit Six-Year Low – Risk Ahead?

Trending

Drake Compares Love Life to Bitcoin Price Swings in New Lyrics
All news

Drake Compares Love Life to Bitcoin Price Swings in New Lyrics

06.07.2025
0

Grammy-winning artist Drake has dropped a new song titled What Did I Miss? that compares his turbulent...

Ethereum Price Prediction: ETH Holds Narrow Range as ETF Demand Builds – Is a Breakout Near?

Ethereum Price Prediction: ETH Holds Narrow Range as ETF Demand Builds – Is a Breakout Near?

06.07.2025
Mercado Bitcoin to Tokenize $200M in RWAs on XRP Ledger, Ripple Reveals

Mercado Bitcoin to Tokenize $200M in RWAs on XRP Ledger, Ripple Reveals

06.07.2025
XRP Price Prediction: Is Consolidation Over? Crypto Michael’s Chart Hints at Explosive Move

XRP Price Prediction: Is Consolidation Over? Crypto Michael’s Chart Hints at Explosive Move

06.07.2025
Bitcoin Price Prediction: Post-$50B Whale Dump, BTC Price Holds Steady – Can Institutional Control Drive New Highs?

Bitcoin Price Prediction: Post-$50B Whale Dump, BTC Price Holds Steady – Can Institutional Control Drive New Highs?

06.07.2025
  • All news
  • Altcoins
  • Bitcoin
  • Blockchain
  • Ethereum
  • NFT
  • Analysis
Editor: cryptomediaclub.com@gmail.com
Advertising: digestmediaholding@gmail.com

Disclaimer: Information found on CryptoMediaClub is those of writers quoted. It does not represent the opinions of CryptoMediaClub on whether to sell, buy or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk.
CryptoMediaClub covers fintech, blockchain and Bitcoin bringing you the latest crypto news and analyses on the future of money.

© 2023 Crypto News. All Rights Reserved

No Result
View All Result
  • All news
  • Bitcoin
  • Ethereum
  • Altcoins
  • NFT
  • Blockchain
  • Analysis

Disclaimer: Information found on CryptoMediaClub is those of writers quoted. It does not represent the opinions of CryptoMediaClub on whether to sell, buy or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk.
CryptoMediaClub covers fintech, blockchain and Bitcoin bringing you the latest crypto news and analyses on the future of money.

© 2023 Crypto News. All Rights Reserved

wpDiscuz