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Security exec allegedly steals $45M in Chinese government-owned crypto
A young executive with Beosin, tasked to protect cryptocurrency that police recovered from another crime, allegedly then lost it all in a Bitcoin bet gone bad.
Image: Envato Elements
A senior executive with Beosin, one of China’s leading blockchain security companies, allegedly embezzled cryptocurrencies worth CNY300 million, or about US$45.7 million that were being held by Beosin on behalf of the government, according to reports by two media outlets in mainland China.
Gao Ziyang, chief marketing officer of Beosin, a blockchain security company based in Chengdu in Sichuan province, allegedly took control of the cryptocurrencies in order to short Bitcoin. The cryptocurrencies were being kept by Beosin for safekeeping for the government after authorities recovered the loot from an unrelated crypto crime late last year.