Chinese official accepts 125 million yuan in bribes to help Bitcoin miners – NewsTo
Chinese official accepts 125 million yuan in bribes to help Bitcoin miners

Chinese official accepts 125 million yuan in bribes to help Bitcoin miners

Chinese official accepts 125 million yuan in bribes to help Bitcoin miners

Xiao Yi, a former member of the Chinese Communist Party and vice-chairman of the Jiangxi Provincial Committee of the Chinese People’s Political Consultative Conference who accepted bribes and abused his position, was the subject of a public hearing on December 29 at the Hangzhou Intermediate People’s Court of Zhejiang Province.

The defendant Xiao Yi and his lawyers attended court to take part in the proceedings, and the Hangzhou People’s Procuratorate dispatched staff to assist the prosecution.

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The Jiangxi Provincial People’s Government’s Beijing office director, the Fuzhou Municipal Party Committee secretary, and the vice chairman of the Jiangxi Provincial Committee of the Chinese People’s Political Consultative Conference were all positions that defendant Xiao Yi held between 2008 and 2021. Each time, he used these positions to assist Bitcoin miners with project development and contracting.

He helped out while receiving more than 125 million yuan in cash unlawfully. Xiao Yi broke the law and the new development model while serving as Secretary of the Fuzhou Municipal Party Committee from 2017 to 2021. The court said that the illicit provision of unlawful help to various mining parties has had negative impacts and resulted in significant damages to “public property.”

The defendant Xiao Yi and his lawyers cross-examined the public prosecution’s key evidence during the trial. Under the court’s watch, both the prosecution and the defence gave their complete testimony. In his closing remarks, Xiao Yi admitted his guilt in front of the judge. The court then dismissed the case and issued the judgment.

Recently, a Chinese state-owned media house revealed the opening of the “China Digital Asset Trading Platform,” a state-backed non-fungible token (NFT) marketplace. The Huaban Digital Copyright Service Center Co., Ltd., China Technology Exchange, and China Cultural Relics Exchange Center have collaborated to launch the platform.

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