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According to People’s Daily and the official court ruling, former Kuaishou e‑commerce operations GM Feng Dian illegally embezzled RMB 140 million in reward payments intended for service providers and operators. Prosecutors found he converted the proceeds through an overseas virtual currency exchange into Bitcoin and other cryptocurrencies for laundering. The tribunal sentenced Feng and seven co‑defendants to prison terms ranging from three to fourteen and a half years, imposed corresponding fines, and ordered the surrender of more than 90 Bitcoins. The case, described by authorities as a record in scale among internet giants, reinforces regulatory focus on crypto‑asset tracing, compliance controls and asset recovery mechanisms in corporate governance.
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