Former Kuaishou executive involved in a corruption case of 140 million using Bitcoin for Money Laundering, setting a new record for corruption in large companies.

[Kuaishou Former Executive Involved in 140 Million Money Laundering with Bitcoin, Creating a New Record of Corruption in Large Enterprises] Feng Dian, the former general manager of Kuaishou's e-commerce service provider operation center, was sentenced for embezzlement, with the amount involved reaching as high as 140 million yuan, setting a new record for corruption in major internet companies. Feng Dian exploited his position to design loopholes in the subsidy policy, colluded with suppliers to submit false application materials, transferred the company's subsidy funds to a self-controlled account, and laundered the illicit funds by converting them into Bitcoin and other virtual money through eight different overseas virtual money trading platforms. The case was recently adjudicated, and Feng Dian and six others in the gang were sentenced to imprisonment ranging from 3 years to 14 years and 6 months for embezzlement, with over 90 Bitcoins that were hidden being recovered. ("Financial Story Collection")