Director of Listed Chinese Company Embezzles $8 Million, Uses Funds to Purchase Bitcoin Mining Rigs

Director of Listed Chinese Company Embezzles $8 Million, Uses Funds to Purchase Bitcoin Mining Rigs

THELOGICALINDIAN - A Chinese prosecutor is appear to accept accustomed a thumbs up to the arrest of a listed big abstracts aggregation administrator accused of embezzling 8 actor and application the funds to buy bitcoin mining rigs Although Li Qunnan has denied the allegations admiral assert their affirmation implicates him

Director’s Unsanctioned Use of Funds Discovered in November 2024

A prosecutor in Beijing, China, has reportedly accustomed the arrest of a above administrator of a listed big abstracts close who is accused of application fraudulently acquired funds to acquirement bitcoin mining rigs. According to the company’s filings with Shanghai Stock Exchange, the director, Li Qunnan, is declared to accept embezzled about $8 actor (55.53 actor yuan) from Zhongchang Big Data.

As per one Chinese language report, Qunnan, a above administrator of Zhongchang Big Data, is anticipation to accept misappropriated funds during his administration as a chief controlling of the company. Zhongchang Big Data claimed it alone became acquainted of the director’s adulterine activities in November 2021 back the company’s new administration agitated out an “inspection of the accessory companies to assimilate the accumulated governance.”

After the analysis outed Qunnan as the culprit that had been misappropriating funds, the above administrator is appear to accept beatific a account to Zhongchang admiral in which he denied the allegations.

Company Funds Used to Pay for Hosting Fees

However, admitting Qunnan’s denial, Zhongchang admiral accept insisted that he is the culprit and accept produced affirmation to abutment their assertion. For instance, the admiral adduce that amid January to September 2024, their aggregation paid for “servers” account $4.1 million, but these do not arise in its books. Upon inspection, the servers were begin to be “Whatsminer mining apparatus (model: M31S-76T44W), supercomputing server (model S10Pro),” the address said.

Besides advantageous for the bitcoin mining machines, Zhongchang claimed the above administrator additionally acclimated the company’s funds to pay for the hosting fees which totalled $3.8 million.

Meanwhile, the address said Qunnan has banned to abet with board and is currently anticipation to be out of the country.

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