According to SCMP, former Vice Chairman of the Chinese People’s Political Consultative Conference in Jiangxi Province (China) Xiao Yi was sentenced to life in prison for corruption and abuse of power.
In 2021, Mr. Xiao Yi was sacked and expelled from Party Communist China (CPC) for many violations. miners The Hangzhou People’s Court said that from 2017 to 2021, Xiao provided financial, capital, and electricity support to cryptocurrency. At the same time, he also accepted bribes of about 17 million USD from 2008 to 2021 and offered favors to a number of companies and individuals.
The court said Xiao’s actions resulted in heavy damage to China’s public property and national interests. All of Xiao’s personal property will be confiscated.
In a program that aired in January, D China Central Television (CCTV) reported that Mr. Xiao helped a cryptocurrency mining company conceal its activities by posing as a cloud computing business. Xiao instructs c Jiumu Group Genesis Technology company “looks through” the visits and checks of other government officials, CCTV revealed. According to the report, the former official also asked some agencies to create fake statistics about the company’s large energy usage in order to conceal the operation of 160,000 Bitcoin miners, which consume 10% of the total electricity. consumption in Fuzhou.
While Hong Kong (China) is actively developing the cryptocurrency and Web 3.0 industry, China has banned all forms of cryptocurrency trading from 2021. On August 14, China charged four executives of Onion C Shenzhen Shikongyun technology company with the crime of organizing a pyramid scheme to defraud more than $83 million. The case has been described as a serious criminal offense that disrupts economic and social order. The prosecutor said the company exaggerated its potential, offering huge profits to entice investors to join the Filecoin project.
