Kuaishou employee in China sentenced to prison for laundering ₩160 billion in internal bonuses via cryptocurrency
Summary
- It was reported that a former employee of Kuaishou exploited loopholes in the internal compensation system to illicitly gain approximately ₩160 billion.
- The illegally acquired funds were converted into virtual assets such as Bitcoin (BTC) and laundered via overseas virtual asset exchanges and mixing platforms.
- The Procuratorate of China sentenced eight individuals involved in the case to imprisonment and fines.
An employee at the Chinese short video platform company Kuaishou has been sentenced to prison for exploiting loopholes in the internal compensation system and illicitly acquiring bonuses worth approximately ₩160 billion.
According to People’s Daily, Mr. Feng, a former employee of the company located in Haidian District, Beijing, conspired with an outside party to manipulate internal data and bonus frameworks, fraudulently receiving about 140 million yuan (about ₩26.95 billion) in compensation.
Mr. Feng used eight overseas virtual asset (cryptocurrency) exchanges to convert the illicit funds into virtual assets such as Bitcoin (BTC), then laundered the assets through a mixing platform.
The Procuratorate of China sentenced a total of eight people, including Mr. Feng, to prison terms ranging from 3 years to 14 years and 6 months, as well as fines.
Uk Jin
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