Crypto pressure continues in China, which is known for its bans and attitude towards Bitcoin (BTC) and cryptocurrencies.
Chinese crypto journalist Wu Blockchain said in a post that Xiao Yi, a former Chinese official, has been jailed for certain crimes, including supporting a local cryptocurrency mining company.
Xiao Yi, a Chinese local official who once supported local bitcoin mining company, was sentenced to life imprisonment and confiscated all his personal property today for accepting bribes (approximately 20 million US dollars). https://t.co/GvpwbU7N51
Read more:…— Wu Blockchain (@WuBlockchain) August 22, 2023
According to local news agency weixin, a Chinese court sentenced Xiao Yi to life in prison for misconduct and bribery by facilitating cryptocurrency mining activities.
While Yi was allegedly received in bribes worth around $20 million, the court ruled that Yi had helped cryptocurrency mining companies during his tenure as party secretary in Fuzhou city from 2017 to 2021, and that this would benefit the public good, national interests, and people's interests. said it caused significant damage.
Xiao Yi was sentenced to life imprisonment for the alleged crimes, deprived of his political rights for life, as well as confiscated all his personal property.
*Not investment advice.
