Beijing cracks $20 million Bitcoin money laundering case and recovers 92 BTC

According to a report by Golden Finance, the People's Procuratorate of Haidian District, Beijing, has recently successfully cracked a major embezzlement case involving the use of Bitcoin for money laundering. It is reported that the amount involved in this case is up to 140 million yuan (about 20 million US dollars), and the main members of the criminal gang are employees of Kwai, a well-known short video platform in China. The investigation shows that the suspect transferred illegal gains through 8 overseas cryptocurrency exchanges and mixed currency services, trying to cover up the flow of funds. After technical tracking, law enforcement agencies have successfully recovered 92 bitcoins (worth approximately $11.7 million at the time) and returned them to the victimized companies. The main culprit Feng and his seven accomplices were sentenced to imprisonment ranging from 3 to 14 years and fined accordingly for the crime of embezzlement of their positions.