The group, including a former employee, utilized shell companies and crypto exchanges to launder stolen funds, receiving sentences from three to fourteen and a half years.
In Beijing, a former employee and seven accomplices were sentenced for embezzling 1.4 billion yuan ($21 million) from a short video platform. They colluded with external suppliers and employed cryptocurrency laundering techniques, using shell companies and overseas crypto exchanges to convert stolen funds into Bitcoin. The group utilized mixing techniques to obscure transaction trails. They surrendered over 90 Bitcoins to recover losses, with sentences ranging from three to fourteen and a half years issued by the Haidian District People's Court.