China’s Kuaishou employees accused in $20M Bitcoin laundering scheme

Authority in Beijing District Haidian have repaintly find out a Bitcoin The operation of the lake involved about 140 million yuan (approximately $ 20 million) stolen from the employees of the pics video platform

The investigation has revealed that many employees to Kaohou with conspired with external funds to mistake the funds of the business incentives. No subsidied politics of the pending, these incentives were designed to your services and providing services.

However, an employee in a position of the authority manipulates the process for personal gain.

As the bitcoin scam stated

According to the report, the employee, identified by the local media such as FEng, was responsible for appropriating new participants and forms.

During the rollout of a new bonus program, feng created the latricals of politics and leafs in the outside co-workers. These partners have subscribed forged applications that appear to meet eligibility requirements, allowing fraudulently asking for a reward funds.

Conspiracy settles shell companies to receive stolen funds and hide theft. Then transfered the money for eight encrypted eighteen, the conversion in bitcoin in multiple lot.

The group also used crept crept services to obscure the origin and the destination of assets, making the flow more than track.

Having converting the Bitcoin in Chinese Yuan through the underground channels, the funds fined in controlled accounts of FENG and complicates.

In spite of this significant laundry process, laws were eventually they are eventually able to follow and capture more than 90 btc attached to the scheme.

Authorities also pursued involved individuals, dragging prison sentences ranging from six months to 14 years for financial and bad miscondition.

This case highlights firmly approach toward the cripher-Lear crimes. Even the country Crypto Banned trade in 2017 and reported all the digital assets transactions in 2021, authority remain active in police space.

Noteable, China always has a significant amount of bitcoin, more than 190,000 btc, seized during the past investigations in crypto activities illicit