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.