Chinese Tech Employee Jailed for $19M Crypto Laundering Scheme Using Coin-Mixing and Offshore Exchanges
A former employee of a Beijing-based technology firm has been sentenced for orchestrating a $19 million cryptocurrency laundering operation, marking a high-profile case underscoring vulnerabilities in corporate governance and digital asset oversight. Feng, the individual at the center of the scheme, exploited reward mechanisms within a corporate application to embezzle 140 million yuan (approximately $19 million) over multiple years. The funds were funneled into Bitcoin through eight offshore exchanges and obfuscated using “coin-mixing” techniques, complicating traceability [1].
The Haidian District People’s Court in Beijing handed down sentences ranging from three years to 14 years and six months, alongside fines, for Feng and seven…
