Ex-Finance Regulator Hid Millions in Crypto in Office Drawer
Listen to the full version
A former senior Chinese financial official who once championed the country’s push into digital currency concealed millions of yuan worth of illicit cryptocurrency in cold wallets tucked inside an office drawer, according to a state television exposé.
Yao Qian, who previously led the technology supervision department and the IT service center of the China Securities Regulatory Commission (CSRC), appeared in an anti-graft documentary aired Wednesday by state broadcaster CCTV, where he admitted to stockpiling the funds and believing the technological complexity of cryptocurrencies would obscure his wrongdoing.
Unlock exclusive discounts with a Caixin group subscription — ideal for teams and organizations.
Subscribe to both Caixin Global and The Wall Street Journal — for the price of one.
- RELATED
- DIGEST HUB
Digest Hub
Back
- Former Chinese financial official Yao Qian hid tens of millions of yuan in illicit cryptocurrency using cold wallets in his office.
- Investigators traced bribes and corruption through blockchain forensics, linking over 60 million yuan in crypto and additional bribes to real estate purchases.
- Yao was expelled from the Communist Party and removed from office in 2024, now facing bribery and abuse of power charges.
- MOST POPULAR
Sign in with Google
Sign in with Facebook
Sign in with 财新