Former Kuaishou executive involved in corruption of 140 million yuan, laundering illicit funds through Bitcoin, has surrendered over 90 Bitcoins.

On August 26, according to a report by the People's Daily at the end of July this year, Feng Dian, the former general manager of Kuaishou's e-commerce service provider operation center, illegally embezzled 140 million yuan in rewards that should have been subsidized to service providers and operators during his tenure, and converted the embezzled funds into Bitcoin and other virtual money through overseas trading platforms for money laundering. Court rulings show that Feng Dian and 7 others were sentenced to prison terms ranging from three years to fourteen and a half years for the crime of embezzlement, and were fined accordingly, as well as surrendering over 90 coins of Bitcoin that were hidden. The amount involved in this case set a record for corruption in major internet companies.

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