Former Chinese Securities Official Allegedly Involved in ICO Scandal

According to Foresight News, a report from CCTV reveals that Yao Qian, the former director of the Technology Supervision Department of the China Securities Regulatory Commission and former director of the Information Center, was implicated in an ICO-related scandal in 2018. Yao reportedly intervened on behalf of a businessman named Zhang, who was conducting an ICO that raised 20,000 ETH. As a token of appreciation, Zhang allegedly transferred 2,000 ETH to Yao. Investigators discovered a hardware wallet in Yao's office drawer. Additionally, several bank accounts opened by others were found to be shell accounts linked to Yao. One of these accounts received a 10 million yuan transfer, which was traced through multiple layers to a virtual currency trader's account. The funds were ultimately used to purchase a villa in Beijing.