Kuaishou executives embezzled 140 million and were sentenced to 14 years for Money Laundering using Virtual Money.

[Coin World] 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 the e-commerce service provider operation center of Kuaishou, illegally embezzled 140 million yuan in rewards that should have been subsidized to service providers and operators during his tenure, and laundered the illicit funds by exchanging them for Bitcoin and other virtual money through overseas trading platforms. Court rulings show that Feng Dian and 7 others were sentenced to fixed-term imprisonment ranging from three to fourteen and a half years for the crime of embezzlement, and were fined accordingly, as well as surrendering over 90 Bitcoins that were hidden. This case set a record for corruption involving internet giants.