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Details of former CSRC Technology Department Director Yao Qian's downfall exposed: 2000 ETH, hardware wallet hidden in a drawer, thinking everything was foolproof, but "on-chain data" revealed all.
1. Accepting huge virtual currency bribes
Yao Qian used his influence to illegally assist token issuance:
In 2018, he accepted a request from crypto boss Zhang, by "giving a heads-up" to a virtual currency exchange, helping Zhang's company successfully issue tokens and raise 20,000 ETH.
Receiving ETH: In return, he received 2000 ETH from Zhang. At its peak, these ETH were valued at over 60 million RMB.
2. Using authority to benefit enterprises
Yao Qian not only profited in the virtual currency field but also used his regulatory power to interfere in the tech service market. He used his authority to help businessman Wang's information service company, which was involved in the securities and futures industry, to provide technological services.
Through this method, Yao Qian received a benefit transfer of 12 million RMB from Wang.
3. Employing highly covert corruption methods
Using hardware wallets:
Storing and managing virtual currencies with hardware wallets similar to USB drives, mobile phones, or remote controls, controlled by private keys and mnemonic phrases, aiming to evade traditional financial regulation.
Setting up transfer and "vested accounts": He had subordinate Jiang Guoqing set up virtual currency "transfer addresses" to accept bribes.
Additionally, he used others' identities to open multiple "vested accounts" to control large fund flows.
Cross-border and physical isolation: Leveraging the characteristics of virtual currencies being isolated from the banking system, capable of cross-border transfer, and holding identities separately, attempting to conceal the transaction of power and money.
4. Covering up and concealing criminal proceeds
Yao Qian converted illegal gains into physical assets for personal use.
Illegal property purchase: Using 22 million RMB in "vested accounts" (including 10 million RMB from virtual currency exchange and 12 million RMB transferred by businessman Wang) to buy a villa in Beijing worth over 20 million RMB.
Holding in others' names: *To conceal the facts, the villa was registered under a relative's name, but he was the actual owner.
Making money in the crypto world and buying villas seems to have no good outcome 😂😂