Ex-digital yuan boss accused of taking Ether bribes

A Chinese state television documentary has alleged that former People’s Bank of China official Yao Qian accepted 2,000 ether in bribes linked to crypto activity.

State broadcaster CCTV reported that Yao received the ether in 2018 from a crypto entrepreneur surnamed Zhang in exchange for using his influence to support a token issuance and an overseas exchange listing.

Investigators said Yao also accepted an additional 12 million yuan, or about $1.72 million, in cash bribes.

Authorities alleged that Yao later liquidated 370 ETH in 2021, generating roughly 10 million yuan, equivalent to around $1.43 million.

The investigation intensified after funds traced to the ether sale were allegedly used to help purchase a Beijing villa worth more than $2.9 million.

Officials said the property was registered under the name of a relative of Yao rather than his own.

The case was reportedly established through onchain transaction analysis, tracing of fiat money flows and the seizure of hardware wallets from Yao’s office.

Yao previously led early work on China’s central bank digital currency, commonly known as the digital yuan.

He was placed under investigation in April 2024 and was later expelled from the Communist Party and removed from public office in November over crypto bribery allegations.

The documentary comes amid China’s long-running crackdown on cryptocurrency-related activities, including mining and trading bans introduced in 2021.

At the time of reporting, Ethereum price was $3,190.67.