The official secretly assisted a massive Bitcoin mining operation in Fuzhou, which once consumed 10% of the city’s power.
A former Chinese government official, Xiao Yi, has been sentenced to life in prison for helping subsidize a secret, large-scale Bitcoin mining operation within the country’s borders, alongside unrelated acts of corruption.Illegally Helping A Bitcoin Minerof abusing his power by providing financial and electricity subsidies to Jiumu Group Genesis Technology, a company based in Fuzhou.
In an attempt to mitigate the charges, Xiao Yi admitted guilt, expressed remorse, returned the stolen funds, and saw the seizure of both the bribes and his gains, as stated by the ruling magistrate of the Hangzhou People’s Court. The politician “illegally received property equivalent to more than 125 million yuan , of which more than 57.82 million yuan has not been actually obtained,” according to a translated local report on the ruling. “The circumstances are particularly serious, and the impact is particularly serious.”China currently enforces a blanket ban on all crypto-related activities beyond simple ownership. That includes crypto mining, exchange services, fiat-to-crypto onboarding, and transactions.
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