A Chinese man will reportedly spend the rest of his life in prison after being caught concealing illegal crypto mining activities and taking bribes.
Former senior provincial official Xiao Yi has been sentenced to life in prison for aiding local crypto mining companies, according to a new report from the South China Morning Post.
Yi, 61, former vice chairman of the Jiangxi Provincial Committee of the People’s Political Consultative Conference and former head of the Communist Party of Fuzhou City, was found to provide fiscal and electrical support to local crypto mining companies, according to a statement released by the court earlier this week.
In a news program aired in January, the Chinese government detailed Yi’s misdeeds, including concealing a crypto mining company as a big data and cloud computing company, and instructing local crypto mining group Jiumu Group Genesis Technology to “ to put in a performance” during the term of office. inspections and asking officials to investigate power consumption statistics to mask mining activities.
As Yi says on the broadcast news program, according to the report:
“I am a sinner to the people of Fuzhou, and I have abandoned them. Because of my distorted view of political performance… I acted recklessly and caused such serious losses.”
The court said Yi’s actions wasted public utilities, damaged public property and undermined China’s national interests. In addition, Yi was accused of taking $17 million (125 million yuan) in bribes between 2008 and 2021 to provide favors to specific companies and individuals.
China declared crypto-related transactions illegal, citing security and social stability reasons, and stepped up its crackdown in 2021.
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