According to Cointelegraph, a Chinese government official has been sentenced to life in prison for illegal business operations. It is believed that illegal activities included running a 2.4 billion Chinese yuan ($329 million) Bitcoin (BTC $26,026) mining enterprise for unrelated charges of corruption.
With insights from local media reports, on August 22, 2023, the Intermediate People’s Court of Hangzhou City sentenced Xiao Yi, an ex-member of the Jiangxi Provincial Political Consultative Conference Party Group, to life in prison for corruption and abuse of power.
Sources revealed that Stem was charged with non-crypto-related activities of bribery from 2008 to 2021. It is expected that they are also alleged of abuse of power charges, dating from 2017 to 2021, for providing financial and electricity subsidies to Jiumu Group Genesis Technology, a firm based in the city of Fuzhou, Cointelegraph added.
“Yi pleaded guilty and repented, actively returned the stolen funds, and all the bribes and their profits have been seized,” Cointelegraph concluded.
(With insights from Cointelegraph)
