Ex-Chinese Official Gets Life for Corruption Tied to Crypto

Ex-Chinese Official Gets Life for Corruption Tied to Crypto

According to the People’s Daily, a former high-ranking official in Jiangxi province, Xiao Yi, has been found guilty of using his official position for personal benefit.

The court proceedings revealed that from 2008 to 2021, Xiao Yi amassed bribes of over 125 million yuan ($17 million) using his position of authority.

While serving as vice chairman of the Jiangxi Provincial Political Consultative Conference and holding other significant positions, he used his influence to grant favors to various entities and individuals. Included in these favors were participation in project procurement, facilitation of project development, and power over job promotions.

Ex-Chinese Official Gets Life for Corruption Tied to Crypto

During the trial, evidence indicated that between 2017 and 2021, while Xiao Yi was the secretary of the Fuzhou Municipal Party Committee, he provided unwarranted support to cryptocurrency mining enterprises in direct violation of national regulations and the new development concept.

This financial assistance caused significant harm to public assets and national interests.

Given the bribe’s size and the power abuse’s severity, the Hangzhou Intermediate People’s Court determined that Xiao Yi’s actions constituted bribery and power abuse.

His voluntary admission of guilt influenced the court’s decision to impose a life sentence, his cooperative attitude during the investigation, and the return of embezzled property.

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