Ex-Beijing Financial Official Sentenced to 11 Years for Bitcoin Money Laundering & Bribery

In Brief:

Hao Gang, former deputy director of the Beijing Financial Bureau, convicted of Bitcoin money laundering & bribery.

Sentenced to 11 years in prison and fined 1.3 million yuan (~$180K USD).

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The Second Intermediate People's Court of Beijing has sentenced Hao Gang, former deputy director of the Beijing Financial Bureau, to 11 years in prison for his role in money laundering using Bitcoin and facilitating illegal financial activities.

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Authorities found that Hao assisted a senior Bitcoin mining executive in bypassing border control, allegedly accepting bribes worth tens of millions of yuan. His sentence includes 8 years for bribery with a 500,000 yuan fine and 4 years for money laundering with an 800,000 yuan fine. All illicit assets have been confiscated and transferred to the state treasury.

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This case highlights China’s continued crackdown on crypto-related financial crimes, reinforcing its strict stance on Bitcoin and digital assets.

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