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China Jails Ex-Regulator Hao Gang for Bitcoin Corruption in Landmark Case
A Beijing court has handed down a prison sentence of 11 years to former Beijing Financial Bureau deputy director Hao Gang, concluding a two-year investigation into allegations of corruption and money laundering related to Bitcoin.
As reported by CoinChapter.com, authorities discovered that Hao Gang accepted tens of millions of yuan in bribes from struggling Bitcoin mining firms, attempting to evade China’s cryptocurrency regulations. Furthermore, he allegedly assisted an executive at one such firm in evading travel restrictions in exchange for illicit payments.
Initially, the court imposed separate sentences for bribery and money laundering – eight years and four years respectively – but later merged them into a single 11-year sentence. Additionally, Hao Gang was fined RMB 1.3 million ($164,662). Authorities confiscated his illegally obtained funds, transferring them to the state treasury.
This landmark case serves as a stark reminder of China’s ongoing crackdown on financial misconduct involving Bitcoin and other cryptocurrency activities. The move is part of an escalating effort by Beijing to exert greater control over the country’s digital asset sector.
Hao Gang’s conviction marks another significant milestone in this campaign, following the high-profile sentencing of Wang Moumou in November 2024. Wang, a former Chinese official, was handed a life sentence for selling classified state secrets to a foreign intelligence agency in exchange for cryptocurrency payments exceeding 1 million yuan.
Source: coinchapter.com
