Details of former CSRC Technology Department Director Yao's downfall exposed: 2000 ETH, stored in a hardware wallet hidden in a drawer, thinking everything was foolproof, but "on-chain data" exposed everything.

1. Accepting huge virtual currency bribes

Yao used his influence to illegally assist in token issuance:

In 2018, he accepted a request from a crypto industry boss Zhang, by giving a "heads-up" to a virtual currency exchange, helping Zhang's company successfully issue tokens and raise 20,000 ETH.

Accepting ETH: In return, he received 2000 ETH from Zhang. At its highest valuation, these ETH were worth over 60 million RMB.

2. Using authority to benefit enterprises

Yao not only profited in the virtual currency field but also used his regulatory power to interfere in the tech service market. He helped a information service company controlled by businessman Wang in the securities and futures industry.

Yao received a benefit transfer of 12 million RMB from Wang through this method.

3. Employing highly covert corruption methods

Using hardware wallets:

He stored and managed virtual currencies using 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 arranged virtual currency "transfer addresses" through subordinate Jiang Guoqing to accept bribes.

Additionally, he used others' identities to open multiple "vested accounts" to control large fund flows.

Cross-border and physical separation: Leveraging the characteristics of virtual currencies being isolated from the banking system, capable of cross-border transfer, and holding separate identities, attempting to conceal the transaction of power and money.

4. Covering up and concealing criminal proceeds

Yao converted illegal gains into physical assets for personal enjoyment.

Illicit 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), he bought 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 to buy villas seems to have no good outcome😂😂