A Chinese language courtroom has discovered a former financial institution worker responsible of embezzling tens of millions of yuan to purchase Bitcoin (BTC).
On Tuesday, a neighborhood courtroom convicted Liu Lihua, 33, of embezzling 1.85 million yuan ($261,000) and defrauding shoppers’ mortgage funds of a complete of 770,000 yuan ($108,704), in keeping with a judgment from the courtroom in Hengfeng, Jiangxi province.
As a mortgage officer at a neighborhood business financial institution, Liu used his place to entry and steal funds from the financial institution. He then used the embezzled cash to put money into Bitcoin.
Based on Liu, he discovered about Bitcoin as early as 2013 and began to put money into the cryptocurrency in 2018 after seeing BTC’s worth spike to almost $20,000 in late 2017. With an preliminary funding of 100,000 yuan ($14,117), his Bitcoin funding elevated 16-fold to over 1.6 million yuan ($225,880) in only one week.
Emboldened by the wonderful excessive returns, Liu started to wager large on Bitcoin at the price of breaking the regulation, believing that if he may simply earn 1.6 million yuan, he may additionally earn 16 million or extra as soon as he had extra funds.
From 2018 to Might of 2019, Liu embezzled a complete of 1.85 million yuan ($261,000), transferring it to his Bitcoin accounts and masking private bills. To acquire extra funds, Liu falsely claimed financial institution loans totaling 770,000 yuan ($108,704) within the names of his shoppers.
Bitcoin suffered an incredible crash in 2018, dropping all the best way to a low of round $3,200 in December from over $15,000 firstly of the 12 months. Succumbing to the BTC collapse, Liu misplaced a complete of two million yuan ($282,350) that he’d invested in Bitcoin.
Liu is now going through a 12-year jail sentence and a tremendous of 100,000 yuan ($14,117) for fraud and embezzlement and has been ordered to return all of the ill-gotten funds.
Massive hello there, that is Lylian, an editor with 8btc. Concerned about new stuff happening world wide. Get the newest Chinese language insurance policies on blockchain and cryptocurrency for you.
This article initially appeared on 8btc.com, the oldest and most influential unbiased platform masking Bitcoin, blockchain and cryptocurrency information in China, and has been reprinted with permission.
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