Details of a corruption case involving 140 million yuan in rewards for a short video platform in Beijing revealed: using virtual currency to launder money and other methods to transfer stolen money

PANews July 28 news, according to a recent report by the People's Daily, Feng, a former employee of a short video platform company in Haidian District, Beijing, took advantage of his position to collude with external suppliers inside and outside, and illegally obtained the company's 140 million yuan reward by reserving loopholes in the reward policy and leaking internal data. The suspects also transferred the stolen money by registering shell companies and laundering money with virtual currencies. Among them, Feng instructed Tang and Yang to use 8 different overseas virtual currency trading platforms to exchange the huge amount of money defrauded into virtual currencies such as Bitcoin in batches. In order to completely cut off the traceability chain of the flow of funds, Feng's gang adopted a more secretive "mixing currency" method, that is, to confuse the cryptocurrency transaction path through technical means to achieve "privacy" protection. In the end, Feng and 7 others were sentenced to fixed-term imprisonment ranging from three to fourteen years and six months, and fined. The judgment has now come into effect. The procuratorate reminds that with the development of the digital economy, commercial corruption methods are constantly escalating, and companies need to strengthen risk prevention and control.