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A newsletter with the latest weekly insights on emerging tech in Asia Sign up 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 ....
News Blockchain security company Beosin has been the focus of a major scandal after its Chief Marketing Officer Gao Ziyang was taken into custody and charged with embezzlement of state-owned assets. He is alleged to have been using government funds to unsuccessfully short BTC, resulting in a massive liquidation of over 300 million renminbi, or $45 million dollars. Beosin, also known as Lianan Tech, had a working relationship with Chinese authorities and was helping them investigate fraudulent fundraising schemes. After the seizure of funds back in 2020, Beosin was tasked with storing and selling the assets, to be later returned to the state treasury. Instead of selling the assets, CMO Gao Ziyang allegedly opened a short position in late August, hoping to increase the size of the positions for personal gain. At the time, BTC was trading around $12,000. ....