Main navigation

Chinese Bank Staffer Found Guilty of Buying Bitcoin with Embezzled 2.6 Mln Yuan

Fri, 12/06/2020 - 10:28
Chinese Bank Staffer Found Guilty of Buying Bitcoin with Embezzled 2.6 Mln Yuan
Cover image via
Read U.TODAY on
Google News

News.8btc reports that a Chinese court has exposed a former bank staffer who was accused and found guilty of embezzling the bank’s money and the funds of its customers, totalling 2.6 mln yuan for buying Bitcoin.

Laying hands on bank’s cash to invest in Bitcoin

Earlier this week, the verdict of the court in Hengfeng, Jiangxi province of China, declared Liu Lihua, age 33, guilty of investing in Bitcoin with 1.85 mln yuan that belonged to the bank ($216,000).

He also took fake loans using the names and personal data of some of the bank’s customers, totalling 770,000 yuan ($110,000) and used this money to purchase BTC.

Liu was a loan officer in the bank, so he had access to the funds and customer data.

Going big on Bitcoin after the $20,000 ATH

Liu told the court that he first heard about BTC back in 2013 but began investing in it only in early 2018 after Bitcoin had reached an all-time high of almost $20,000.

First, the money he spent on Bitcoin increased 16 times within just a week. Seeing this, he decided to make a bigger investment but he used money taken illegally from the bank. He expected to earn 16 mln yuan.

By May 2019, Liu had already bought 1.85 mln yuan worth of Bitcoin with the embezzled money from the bank. He went further and took fake loans of 770,000 yuan in total, using his customers’ documents.

However, when Bitcoin crashed to the $3,250 zone in December 2018 from $17,500 in February of the same year, Liu saw that he had lost almost 3 mln yuan, which he had gone so far to obtain.

New Transaction With $539K Fee Spotted on Ethereum Blockchain. Hack or Money Laundering?

12-year imprisonment and 2.6 mln RMB to be compensated

Right now, Liu Lihua is spending 12 years in jail and must pay a fine of $100,000 for the embezzlement. Additionally, the court mandated that he reimburse the 2.6 mln yuan loss to the bank.


Latest Press Releases

Here's What Bitcoin Creator Satoshi Nakamoto Was Saying About Ripple
Uniswap (UNI) Soars 76% as Price Hits Multi-Year High, Reason Uncovered
Shiba Inu's Shytoshi Kusama Ignites SHIB Army With New Bullish Tweet
'Rich Dad Poor Dad' Author Reveals His Possible Actions Should Bitcoin Crash
Is Shiba Inu Getting Ready for Death Cross? Critical Cardano Breakdown, Next Bitcoin (BTC) Support Level Revealed
Monster Bitcoin (BTC) Purchase Mystifies Community
Fidelity Surpasses BlackRock and Other ETFs by Daily Bitcoin Inflows Today
Nvidia Surpasses Entire Crypto Market as AI Hype Picks Up Steam
Cardano Praised by Dan Gambardello As Strong Chain While Avalanche Hit By Outage
Shiba Budz (BUDZ) Novel Meme Coin Pre-Sale Gaining Steam in Late February as Majors Dogecoin (DOGE), Shiba Inu (SHIB) Remain in Tops
Ripple Cofounder Celebrates Major Stellar Success, Polkadot Secures Spot on Coinbase Futures, Shiba Inu Burn Rate Surges 8,511%: Crypto News Digest by U.Today
Ethereum Dencun Upgrade Date Confirmed by Devs
Millions of XRP Shifted by Whales as Price Hits Key Support
Binance Web3 Wallet Announces Massive Crypto Giveaway to Celebrate ERC-404 Integration
Legendary Trader John Bollinger Issues Bullish Wake-Up Call as Bitcoin Price Turns Red
Spot Bitcoin ETFs Break Record With $50 Billion Trading Volume
Ethereum (ETH) Price Prediction for February 23
Solana (SOL) Price Prediction for February 23
BlockDAG Network (BDAG) Pre-Sale Might be Gaining Steam in February since Retik Finance (RETIK), and eTuk Tuk (ETUKTUK) Communities Show Interest
Shiba Inu Developer Excites SHIB Community With Tweet, What It Pertains To
Our social media
There's a lot to see there, too

Popular articles