Ethereum

Bitcoin

<div class="cryptonews"> 
 <p class="is-style-lead">The Hangzhou Intermediate People’s Court has convicted a former Chinese <a rel="noopener noreferrer nofollow" title="party" href="https://thebittimes.com/tag/party.html">party</a> <a rel="noopener noreferrer nofollow" title="official" href="https://thebittimes.com/tag/official.html">official</a>, Xiao Yi, for abuse of power and bribery.</p> 
 <p>Xiao Yi has received a life imprisonment <a rel="noopener noreferrer nofollow" title="sentence" href="https://thebittimes.com/tag/sentence.html">sentence</a>. Officials clarified that he misused his authority to support the growth of Bitcoin <a rel="noopener noreferrer nofollow" title="mining" href="https://thebittimes.com/tag/mining.html">mining</a> by facilitating financial support and power supply arrangements.</p> 
 <div class="cn-block-related-link"> 
  <svg class="cn-block-related-link__icon icon" aria-hidden="true"> <use xlink:href="#"></use> 
  </svg> <span class="cn-block-related-link__prefix"> You might also like: </span> China’s SparkPool Ethereum Mining Pool Shutters Operations 
 </div> 
 <p>An Aug. 22 report reveals that the offender accepted bribes totaling almost $17.4 million.</p> 
 <p>The report noted that the bribery charges were categorized as notably substantial, while the abuse of power charges were deemed exceptionally serious.</p> 
 <p>In September 2017, the Chinese authorities banned Bitcoin trading and other <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a>currencies. </p> 
 <p>In 2019, the National Development and Reform Commission (NDRC) classified crypto mining as undesirable due to its negative impact on the environment.</p> 
 <p>Later on, in 2021, China’s state council announced that crypto mining was banned and classified as an illegal activity.</p> 
 <div class="cn-block-related-link"> 
  <svg class="cn-block-related-link__icon icon" aria-hidden="true"> <use xlink:href="#"></use> 
  </svg> <span class="cn-block-related-link__prefix"> You might also like: </span> China: Bitmain-Funded Firm to Completely Decarbonize Its Crypto Mining Operations 
 </div> <span class="google-news-banner__label">Follow Us on Google News</span> 
</div>

China sentences former party official to life in prison for enabling crypto mining

TheBitTimes

Other articles published on Aug 23, 2023

Binance teams up with MoonPay to facilitate US payments

Binance and BNB top social trends amid manipulation allegations

Earn passive income with Shido!

EDX announces Anchorage Digital as crypto custodian for upcoming EDX Clearing

Pakistan’s Central Bank Recognizes XRP’s Pivotal Role in Global Payments

FBI Identifies Six Bitcoin Wallets with Ties to North Korea

Join our free newsletter for daily crypto updates!