Chinese government official handed life sentence for crypto mining - The SEC's wet dream?


A Chinese government official got handed a life sentence due to engaging in unauthorized business activities connected to overseeing a Bitcoin mining business, worth 2.4 billion Chinese yuan ($329 million). The charges also contains unrelated allegations of corruption. The local media reports are focusing on the corruption and the abuse in their articles about the case. These abuse charges is apparently regarding how the official abused his power by helping out the mining business with subsides. It's mentioned that there were a total of 160 000 mining machines in total, so we are not talking about a small enterprise.

Since China have banned cryptocurrency transactions, including using exchanges, it's understandable that they see this is a major crime. The official pledged guilty and all the assets had been recovered by the state. We have seen people in China getting jail time for just a couple of dollar purchases' of cryptocurrency this year. China is really stepping up with their ways to try and shut down this economy they can't control.

I bet that SEC is pretty jealous they can't go this far at the moment. 

How do you rate this article?


The Bunny world crypto flash news
The Bunny world crypto flash news

A blog dedicated to news about what is happening in the cryptosphere.

Send a $0.01 microtip in crypto to the author, and earn yourself as you read!

20% to author / 80% to me.
We pay the tips from our rewards pool.