Chinese authorities have dismantled a $20 million Bitcoin money laundering scheme involving employees of Kuaishou, the country’s second-largest video-sharing platform. The suspects embezzled nearly 140 million yuan and used offshore exchanges and coin mixers to hide the funds.

Despite multiple layers of obfuscation, investigators recovered 92 BTC (worth around $11.7 million). The Haidian District Court in Beijing sentenced eight individuals to prison terms ranging from 3 to 14 years.

The case reflects a growing trend of commercial corruption intertwined with cryptocurrency and highlights China’s strict stance on crypto-related activities.

#crypto #Bitcoin #China #moneylaundering #Kuaishou

https://paper.people.com.cn/rmrb/pc/content/202507/24/content_30090178.html