Overview

• A former Kuaishou employee identified as Feng abused his control over internal reward programs to siphon 140 million yuan in fake bonuses to shell companies.
• Stolen funds were routed through eight offshore crypto exchanges and processed with coin-mixing services to obscure their origin before cashing out.
• Investigators used digital forensics to crack the laundering chain and recovered over 90 BTC, worth about $11 million at current market prices.
• A Beijing court convicted seven conspirators of embezzlement and money laundering and handed down prison sentences ranging from three to fourteen and a half years.
• China first banned crypto trading in 2017 and outlawed all digital asset transactions in 2021, empowering authorities to intensify enforcement of financial crimes.