China Official Faces Life Imprisonment After Engaging In Illegal Bitcoin Mining – NewsTo
China Official Faces Life Imprisonment After Engaging In Illegal Bitcoin Mining

China Official Faces Life Imprisonment After Engaging In Illegal Bitcoin Mining


Xiao Yi has been said to have engaged in a Bitcoin project that drained 10% of the city of Fuzhou’s power. He pleaded guilty to the charges he was imposed with and he will be serving a life-long sentence in jail as a result.

Xiao Yi Is Sentenced To Life In Prison

The official will be facing a full life sentence after having helped subsidize the charges on an Bitcoin mining project that consumed up to 10% of Fuzhou’s electricity. He is also claimed to have been engaged in many acts that involved corruption by abusing power in his office and other offices.

Xiao Yi And The Bitcoin Mining Project

Xiao Yi provided electrical and financial benefits through subsidies to the Jiumu Group Genesis Technology. Jiumu Group Genesis Technology deals with Bitcoin mining and has more than 150,000 machines for this purpose. Reports have revealed that between 2017 and 2020, this company used up to 10% of Fuzhou’s electricity.

The prosecutors on the case believe that he fabricated evidence regarding the electricity consumption rates to fully cover his acts.

In a hearing that took place in Hangzhou People’s Court, he admitted to having been engaged in the acts and went ahead to hand in all the bribes he paid and the profits he made as well. The intention for this was to avoid the imposing of charges.

China Official Faces Life Imprisonment After Engaging In Illegal Bitcoin Mining
Source: Intermediate People’s Court of Hangzhou City

Xiao Yi And The Corruption Charges

The official is said to have taken advantage of his authority between 2003 and 2021. He acquired property worth 125 million yuan. Out of this property, the one worth 57.82 is yet to settle in his hands according to a report.

The offices he manipulated include the Beijing Office of the Jiangxi Provincial People’s Government, the secretary of the Fuzhou Municipal Party Committee, and the vice chairman of the Jiangxi Provincial Political Consultative Conference.

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