Overview

• The court convicted seven individuals for embezzling 140 million yuan from Kuaishou’s bonus program and laundering it through cryptocurrency.
• Former Kuaishou executive Feng exploited his control over reward approvals to funnel fake payouts to shell vendors operated by his co-conspirators.
• The stolen funds were cycled through eight offshore exchanges and coin mixers before conversion into Bitcoin and partial cash-out to yuan.
• Blockchain forensics enabled investigators to trace the transactions and recover over 90 BTC worth roughly $11 million.
• Sentences range from three to fourteen and a half years in prison under China’s strict enforcement of its 2021 cryptocurrency ban.