Expelled Communist Party member named and shamed in televised confession for supporting cryptocurrency mining
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Xiao Yi, a senior provincial official removed from his post in 2021, apologized for his "reckless behavior" on a state television program aired on Sunday.
Xiao was the highest-ranking Chinese official punished for supporting cryptocurrency mining after Beijing promised to crack down on the activity. He helped a local cryptocurrency mining company hide its activities by masquerading as a big data and cloud computing business. China Central Television (CCTV) program.
Xiao instructed Jiumu Group Genesis Technology, which he presented as a model of the local digital economy, to "put on a show" during visits and inspections by other government officials. China began cracking down on cryptocurrency mining in 2018.
“I am a sinner in front of the people of Fuzhou, and I let them down,” Xiao said to the camera on the program. “Because of my distorted view of political achievements…I acted recklessly, resulting in such heavy losses.”
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