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The story behind a massive bitcoin mining heist in China

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The story behind a massive bitcoin mining heist in China

by Wolfie Zhao
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Quick Takes
  • To outsiders, the recent arrest of a former Chinese official for “supporting” a local crypto mining business may appear to be a direct outcome of China’s ongoing crackdown on crypto mining.
  • But the backstory actually stretches back more than three years, and what he is accused of doing is far more than just supporting a crypto mining business. 
Former Chinese government and Communist Party official Xiao Yi has recently been arrested, stripped of his titles and handed over to prosecutors for the alleged crime of corruption and abuse of power — for “supporting” a local crypto mining business.

To outsiders, the arrest may appear to be a direct outcome of China’s ongoing crackdown on crypto mining. But the story actually stretches back more than three years, and Xiao is accused of doing far more than just supporting a crypto mining business.

Some have even speculated that it’s possible that it was the magnitude of Xiao’s involvement in hiding a massive and rather blatant crypto mining embezzlement scheme that led to China’s crackdown on the mining sector to begin with.

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From the Dashboard
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The craze of liquidity mining initiated in 2020’s “DeFi summer” kickstarted the endless opportunities in DeFi, which continued to attract liquidity throughout 2021. The net value locked in DeFi protocols skyrocketed from $16.11 billion to $100.37 billion this year, with the majority of crypto assets allocated to lending protocols and DEXes.
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Escaping the Earth Dec 14 with a New Play-to-Earn dMMO

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