Supporting crypto mining might have been the wrong move, according to the former Chinese Communist Party secretary of Fuzhou.
in December related to accepting more than $18 million in bribes for construction programs and illicitly promoting projects — including a localcrypto mining firm.According to a report from the state-run news agency, Xiao instructed Jiumu Group Genesis Technology — a local crypto mining company — to act as though it was providing other tech services not prohibited in the region during inspections.
The firm reportedly operated roughly 160,000 miners from 2017 to 2020.China officially banned all crypto mining operations in the country in 2021, but had been cracking down on certain firms since 2018. Xiao served as the CCP secretary in Fuzhou amid the crackdown, but reportedly continued to support Jiumu Group Genesis Technology. Officials began investigating him in May 2021 and he was later expelled from his position and the CCP.
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