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Former Chinese Official Apologizes for His Involvement in Cryptocurrency Mining

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Mon, 9/01/2023 - 15:41
Former Chinese Official Apologizes for His Involvement in Cryptocurrency Mining
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Former Chinese official Xiao Yi from Fuzhou city, who had previously been removed from his post for supporting cryptocurrency mining, issued an apology on state TV on Sunday, the South China Morning Post reports.

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In a tearful confession to a TV audience, Xiao accepted the disciplinary verdict and expressed his remorse, admitting that his actions caused "grave losses."

After an investigation conducted by the Central Commission for Discipline Inspection and the National Supervisory Commission, Xiao was accused of disregarding industrial policies as he assisted companies operating in cryptocurrency mining activities.

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A company, which was backed by Xiao, masqueraded as a center for big data computing but was actually leveraged for cryptocurrency mining on an unprecedented scale with roughly 160,000 machines that accounted for a tenth of Fuzhou's energy needs.

Apart from covering up illegal energy consumption, other nefarious activities attributed to Xiao include solicitation of bribes and preferential regulatory treatment.

The TV segment also reminded viewers of the volatile nature of crypto and other risks associated with the nascent sector in China.

In 2021, the country stepped up its clampdown against crypto mining after previously banning crypto trading. However, the government's attempts to root out crypto mining are far from being a resounding success given that China still accounts for a substantial portion of the global hashrate despite falling behind the U.S.

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