Key Points:

• An ex-Chinese official gets a life sentence for cryptocurrency-related corruption.
• Misuse of authority resulted in 125 million yuan in bribes over 13 years.
• The verdict emphasizes a crackdown on corruption in evolving fields like cryptocurrency.

In a landmark verdict on August 22, 2023, the Intermediate People’s Court of Hangzhou City sentenced Chinese former party member Xiao Yi to life imprisonment for a series of grave offenses involving bribery and misuse of power, including his involvement in cryptocurrency mining activities.

Xiao Yi, a one-time high-ranking official in Jiangxi province, was found guilty of leveraging his positions for personal gain, according to People’s Daily.

The court proceedings revealed that from 2008 to 2021, Xiao Yi exploited his authority to amass illicit gains exceeding 125 million yuan ($17.1 million) in bribes.

Serving as the vice chairman of the Jiangxi Provincial Political Consultative Conference and in other key roles, he utilized his influence to offer favors to various entities and individuals, engaging in activities such as project contracting, project development facilitation, and job promotions.

During the trial, evidence was presented that between 2017 and 2021, when Xiao Yi held the position of Fuzhou Municipal Party Committee secretary, he provided unwarranted support to enterprises involved in crypto mining in direct violation of national regulations and the new development concept.

This financial backing resulted in substantial losses to public assets and the nation’s interests.

In light of the extensive bribery amount and the severity of power abuse, the Hangzhou Intermediate People’s Court determined that Xiao Yi’s actions constituted crimes of bribery and power misuse.

His voluntary admission of guilt, cooperative attitude during the investigation, and return of embezzled assets played a role in influencing the court’s decision to impose a life sentence.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

China

crypto

Crypto mining

People's Court of Hangzhou City

Xiao Yi

Author

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.

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News

Former Chinese Official Receives Life Sentence For Crypto-Linked Corruption

Key Points:

• An ex-Chinese official gets a life sentence for cryptocurrency-related corruption.
• Misuse of authority resulted in 125 million yuan in bribes over 13 years.
• The verdict emphasizes a crackdown on corruption in evolving fields like cryptocurrency.

In a landmark verdict on August 22, 2023, the Intermediate People’s Court of Hangzhou City sentenced Chinese former party member Xiao Yi to life imprisonment for a series of grave offenses involving bribery and misuse of power, including his involvement in cryptocurrency mining activities.

Xiao Yi, a one-time high-ranking official in Jiangxi province, was found guilty of leveraging his positions for personal gain, according to People’s Daily.

The court proceedings revealed that from 2008 to 2021, Xiao Yi exploited his authority to amass illicit gains exceeding 125 million yuan ($17.1 million) in bribes.

Serving as the vice chairman of the Jiangxi Provincial Political Consultative Conference and in other key roles, he utilized his influence to offer favors to various entities and individuals, engaging in activities such as project contracting, project development facilitation, and job promotions.

During the trial, evidence was presented that between 2017 and 2021, when Xiao Yi held the position of Fuzhou Municipal Party Committee secretary, he provided unwarranted support to enterprises involved in crypto mining in direct violation of national regulations and the new development concept.

This financial backing resulted in substantial losses to public assets and the nation’s interests.

In light of the extensive bribery amount and the severity of power abuse, the Hangzhou Intermediate People’s Court determined that Xiao Yi’s actions constituted crimes of bribery and power misuse.

His voluntary admission of guilt, cooperative attitude during the investigation, and return of embezzled assets played a role in influencing the court’s decision to impose a life sentence.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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