Ex-Digital Yuan Architect Yao Qian Accused of $8M Crypto Bribe Scheme

Yao Qian, the former architect behind China's digital yuan, stands accused of accepting over $8 million in cryptocurrency bribes during his tenure in senior regulatory roles. Chinese state media revealed the corruption case this week, exposing how Yao allegedly exploited blockchain technology to conceal illicit transactions.

Investigators traced cryptocurrency payments directly to Yao's personal wallet, uncovering at least 22 million yuan ($3.1 million) in bribes hidden across multiple shell accounts. The scheme involved businessman Wang transferring 12 million yuan to Yao in 2018 in exchange for regulatory favors.

The case highlights growing concerns about the misuse of digital currencies within regulatory bodies, particularly given Yao's pivotal role in developing China's central bank digital currency (CBDC). Blockchain's inherent transparency ultimately proved to be Yao's undoing, as investigators were able to follow the digital trail to his property purchases despite his use of hardware wallets disguised as USB devices.