Chinese official sentenced to life in prison for Bitcoin mining, corruption
A Chinese government official has actually been sentenced to life in prison for illegitimate company operations related to running a 2.4 billion Chinese yuan ($ 329 million) Bitcoin (BTC) mining enterprise and for unrelated charges of corruption. According to local media reports, the Intermediate Peoples Court of Hangzhou City sentenced Xiao Yi, a previous member of the Jiangxi Provincial Political Consultative Conference Party Group and vice chairman, to life in prison for corruption and abuse of power on Aug. 22. The corruption charges stem from non-crypto-related activities of bribery from 2008 to 2021. The abuse of power charges, dating from 2017 to 2021, stem from offering financial and electrical power aids to Jiumu Group Genesis Technology, a firm based in the city of Fuzhou that at one point ran more than 160,000 Bitcoin mining machines.Prosecutors state that Yi “covered up” the mining operation by advising pertinent departments to fabricate analytical reports and adjust the category of electrical power intake. From 2017 to 2020, Jiumus electrical power usage accounted for 10% of Fuzhous overall electrical energy usage. “Yi pleaded guilty and repented, actively returned the stolen funds, and all the bribes and their revenues have been taken,” composed the judgment magistrate of the Hangzhou Peoples Court.Currently, China bans all kinds of cryptocurrency transactions, exchange operations and fiat-to-crypto onboarding however has stopped short of prohibiting outright ownership. In an Aug. 3 choice, a Chinese court ruled that a $10 million Bitcoin lending contract was void based upon the countrys Bitcoin restriction with no possibility of legal financial obligation recovery. On Aug. 14, a Chinese nationwide was sentenced to nine months in prison for assisting an associate purchase Tether (USDT), benefiting $20 from the deal. Former Chinese federal government authorities Xiao Yi waits for sentencing. Source: Intermediate Peoples Court of Hangzhou CityMagazine: Chinese TVs crypto bull run report censored, Multichain crisis