On July 28, a former employee of a short video platform company in Haidian District, Beijing, named Feng, colluded with external suppliers by exploiting job privileges and policy loopholes, illegally obtaining 140 million yuan in company rewards through internal data leakage. The suspects transferred the stolen funds by registering shell companies and money laundering through virtual currencies. Specifically, Feng instructed Tang and Yang to use 8 different overseas virtual currency trading platforms to exchange the fraudulently obtained funds into Bitcoin and other cryptocurrencies in batches.
To completely cut off the traceability of fund flows, Feng's gang employed a more covert "coin mixing" technique, using technical methods to obscure cryptocurrency transaction paths for "privacy" protection. Faced with evidence, Feng's gang was forced to surrender over 90 bitcoins, allowing the company to recover part of its losses. Ultimately, Feng and 6 other individuals were convicted of embezzlement by the Haidian District People's Court, sentenced to prison terms ranging from 3 to 14.5 years, each with corresponding fines. The verdict has now taken effect.
