Chinese authorities seized a $20 million Bitcoin money laundering case involving employees of Kuaishou, the country's second-largest short video platform. The suspects embezzled nearly 140 million yuan from the company, transferring funds through overseas cryptocurrency exchanges and mixing services in an attempt to cover their tracks.

Despite using multiple anonymity methods, investigators successfully tracked and recovered 92 Bitcoins (approximately $11.7 million). The Beijing Haidian District Court sentenced 8 defendants to prison terms ranging from 3 to 14 years.

This case highlights a new trend of commercial corruption intertwined with cryptocurrency and reflects China's continued high-pressure stance against activities related to cryptocurrency.

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