Index Investing News
Wednesday, May 28, 2025
No Result
View All Result
  • Login
  • Home
  • World
  • Investing
  • Financial
  • Economy
  • Markets
  • Stocks
  • Crypto
  • Property
  • Sport
  • Entertainment
  • Opinion
  • Home
  • World
  • Investing
  • Financial
  • Economy
  • Markets
  • Stocks
  • Crypto
  • Property
  • Sport
  • Entertainment
  • Opinion
No Result
View All Result
Index Investing News
No Result
View All Result

Why This Ex Bitcoin Miner Faces Sentence For $20 Million Bribery Scandal In China

by Index Investing News
August 22, 2023
in Cryptocurrency
Reading Time: 2 mins read
A A
0
Home Cryptocurrency
Share on FacebookShare on Twitter


A former supporter of the Bitcoin mining industry and official in several of China’s regional government positions was sentenced by a court in the Zhenjiang Province. Xiao Yi was found guilty of abusing power and accepting over $20 million in bribes while serving as a public agent.

Crypto reporter Colin Wu shared the news via social media X, highlighting Yi’s activities as a Bitcoin mining supporter via a company called Jiumu Group Genesis Technology in China. The country is widely regarded as a hostile ground for crypto miners and cryptocurrencies following a national ban on this and other related activities, including crypto trading.

BTC’s price trends to the downside on the daily chart. Source: BTCUSDT on Tradingview

From Crypto To Convict, Did This Ex-Bitcoin Mining Supporter Broker The Law?

A local report noted that the investigation uncovered Yi’s illegal activities dating from 2008 to 2021. During this period, the former government official used his position and connections to enrich himself to the detriment of the “interest of the country,” which caused the people of China “significant losses.”

Yi committed the offenses in the period mentioned above while serving as secretary of the Fuzhou City Committee in the Jiangxi Province, Vice Chairman of the Jiangxi Provincial Committee, and Director of this region’s People’s Government Office in Beijing.

The former Bitcoin supporter took bribes to help others escalate government ranks, take public projects, and more. Eventually, Yi confessed to the allegations, surrendered a portion of his assets, and pleaded guilty.

Thus, the former government official was found guilty of committing abuse of power and sentenced to six years in prison. However, the report notes that Yi’s crimes were particularly severe, as stated above. Thus, his sentence was extended to life in prison and the removal and a prohibition to occupy government positions.

Yi Pulls A Con On China?

In an earlier coverage, Wu noted that Yi was arrested with Jiumu executives for conspiring to prop up its regional activities. The company allegedly stole over 500,000 BTC mining hardware and GPUs; all the illegal activities took place with Yi’s consent and protection.

Yi and Lin Qingxing worked together to benefit Jiumu to the detriment of others and lied about the company’s activities, disguising them as “big data” related. A local state media report revealed the following regarding Yi and Qingxing activities and their impact on the region:

(…) Lin Qingxing’s company had about 160,000 “mining machines” running every day while this company’s electricity consumption accounted for 10% of Fuzhou’s total electricity consumption. In order to cover up the real situation, Xiao Yi instructed relevant departments to fabricate statistical reports and adjust the classification of electricity consumption. He also illegally demanded financial subsidies for the company and pushed government agencies to provide the company with guarantees, loans and other financing support (…).

Cover image from Unsplash, chart from Tradingview



Source link

Tags: bitcoinbriberyChinafacesmillionMinerScandalsentence
ShareTweetShareShare
Previous Post

Onion clamps | Mint

Next Post

What to expect when J.M. Smucker (SJM) reports Q1 2024 earnings

Related Posts

TRON’s Correlation With Bitcoin May Imply Huge Positive factors, Right here’s Why

TRON’s Correlation With Bitcoin May Imply Huge Positive factors, Right here’s Why

by Index Investing News
May 28, 2025
0

Cause to belief Strict editorial coverage that focuses on accuracy, relevance, and impartiality Created by business consultants and meticulously reviewed...

Binance Shares Regulatory Formulation to Ignite Crypto Mass Adoption

Binance Shares Regulatory Formulation to Ignite Crypto Mass Adoption

by Index Investing News
May 28, 2025
0

Binance doubles down on crypto’s future as its CEO spotlights the regulatory strikes that might spark mass adoption, remodel finance,...

Promoting Bitcoin is like taking part in in a ‘unhealthy house-rate on line casino’ — Adam Again

Promoting Bitcoin is like taking part in in a ‘unhealthy house-rate on line casino’ — Adam Again

by Index Investing News
May 27, 2025
0

Promoting Bitcoin is like “taking part in in a very unhealthy house-rate on line casino,” based on Adam Again, CEO...

Trump Media to lift .5B to construct Bitcoin treasury, mirroring Technique’s playbook

Trump Media to lift $2.5B to construct Bitcoin treasury, mirroring Technique’s playbook

by Index Investing News
May 27, 2025
0

Key Takeaways Trump Media will elevate $2.5 billion to create a considerable Bitcoin treasury. The treasury deal consists of $1.5...

Saylor Responds To Bitcoin Proof Of Reserves, Shocks Everybody

Saylor Responds To Bitcoin Proof Of Reserves, Shocks Everybody

by Index Investing News
May 27, 2025
0

Trusted Editorial content material, reviewed by main business specialists and seasoned editors. Advert Disclosure When Michael Saylor stepped onto a...

Next Post
What to expect when J.M. Smucker (SJM) reports Q1 2024 earnings

What to expect when J.M. Smucker (SJM) reports Q1 2024 earnings

Serena Williams, Alexis Ohanian welcome second baby girl

Serena Williams, Alexis Ohanian welcome second baby girl

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

RECOMMENDED

West Ham’s Matt Jones offers an insight into nutrition at a Premier League club | Football News

West Ham’s Matt Jones offers an insight into nutrition at a Premier League club | Football News

September 27, 2022
DHT Holdings Stock: On Very Solid Footing (NYSE:DHT)

DHT Holdings Stock: On Very Solid Footing (NYSE:DHT)

November 25, 2022
EU sanctions Russian crypto alternate Garantex over Ukraine battle ties

EU sanctions Russian crypto alternate Garantex over Ukraine battle ties

February 25, 2025
Web-dark Punjab | Mint

Web-dark Punjab | Mint

March 19, 2023
Tesla’s record deliveries for fourth quarter still miss Wall Street expectations

Tesla’s record deliveries for fourth quarter still miss Wall Street expectations

January 2, 2023
Victoria’s Secret & Co. 2024 This fall – Outcomes – Earnings Name Presentation (NYSE:VSCO)

Victoria’s Secret & Co. 2024 This fall – Outcomes – Earnings Name Presentation (NYSE:VSCO)

March 6, 2025
Lisa Rinna’s Twitter Is GONE! What Could It Mean?!

Lisa Rinna’s Twitter Is GONE! What Could It Mean?!

November 1, 2022
Simple, But Hard – The Big Picture

Simple, But Hard – The Big Picture

January 31, 2023
Index Investing News

Get the latest news and follow the coverage of Investing, World News, Stocks, Market Analysis, Business & Financial News, and more from the top trusted sources.

  • 1717575246.7
  • Browse the latest news about investing and more
  • Contact us
  • Cookie Privacy Policy
  • Disclaimer
  • DMCA
  • Privacy Policy
  • Terms and Conditions
  • xtw18387b488

Copyright © 2022 - Index Investing News.
Index Investing News is not responsible for the content of external sites.

No Result
View All Result
  • Home
  • World
  • Investing
  • Financial
  • Economy
  • Markets
  • Stocks
  • Crypto
  • Property
  • Sport
  • Entertainment
  • Opinion

Copyright © 2022 - Index Investing News.
Index Investing News is not responsible for the content of external sites.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In