Sad News.

A life imprisonment verdict has been handed down to a Chinese government official, Xiao Yi, in relation to an illicit Bitcoin mining operation worth 2.4 billion Chinese yuan ($329 million).

Xiao Yi, who was a former vice chairman and member of the Jiangxi Provincial Political Consultative Conference Party Group, has been found guilty of corruption and abuse of power.

The Intermediate People’s Court of Hangzhou City pronounced the sentence on August 22nd.

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