Chinese authorities have accused former digital yuan chief Yao Qian of accepting at least $8 million in cryptocurrency bribes while working at the central bank.
Yao previously led the People’s Bank of China’s Digital Currency Institute and was removed from the Communist Party in 2024.
State broadcaster CCTV reported the allegations in a documentary investigation cited by China News.
Investigators said Yao accepted bribes from business figures seeking favourable treatment.
The bribes were reportedly paid in Ethereum and routed through crypto wallets set up by a former subordinate.
“I set up a wallet where people would send coins, and then we could transfer them to Yao Qian’s personal wallets,”
Jiang Guoqing said.
Jiang admitted he connected Yao with a crypto businessman in 2018 and helped facilitate the transactions.
Authorities allege Yao abused his position to help a company raise 20,000 Ethereum tokens through a token sale.
Investigators said Yao received roughly 10% of the raised tokens in exchange for his assistance.
The Communist Party previously said Yao had engaged in “power-for-money transactions using cryptocurrencies” without disclosing amounts.
Documents cited in the report suggest Yao purchased a $3 million luxury property in Beijing.
Investigators claim part of the property purchase was funded by selling some of the crypto bribes for cash.
Officials said the probe highlighted the challenges of tracking cryptocurrencies, which remain largely illegal in China.
“Cryptocurrencies flow across borders without geographical restrictions, making them extremely difficult to regulate,”
A senior investigator said.
At the time of reporting, Ethereum price was $3,317.37.