140M RMB Embezzlement Case in Beijing Exposes Crypto Money Laundering Risks with 90 Bitcoin Recovered
A high-profile fraud case in Beijing involving a 140 million RMB embezzlement scheme on a short video platform has shed light on the evolving use of cryptocurrency in financial crimes. The incident, which unfolded in Haidian District, centers on a former employee of the platform, identified as Feng, who exploited internal policy loopholes to collude with external suppliers and embezzle funds through a sophisticated money laundering operation [1]. The scheme, which spanned multiple stages of concealment, relied on shell company registrations and the conversion of illicit proceeds into Bitcoin via overseas virtual currency exchanges.
Feng’s group leveraged eight different international cryptocurrency exchanges to gradually convert the…
