Chinese Official Gets Life Sentence for $20M Bitcoin Bribes!

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Chinese local official Xiao Yi has been sentenced to life imprisonment and had his assets confiscated for accepting bribes worth $20 million in a Bitcoin mining case. According to reports, Yi accepted the bribes in exchange for granting licenses and other benefits to mining companies in the city of Ordos. The bribes were paid in Bitcoin, which Yi reportedly used to purchase properties and invest in other ventures. This marks yet another case of corruption among top officials in China, where the government has been cracking down on illicit activities in the cryptocurrency sector.