China’s Official Crypto Coin’s First Theft Goes Viral

China is amongst the first of the countries of the world which have successfully launched its official cryptocurrency i.e. digital Yuan. This digital Yuan has been backed by the Chinese Government and is fully supported by China’s Central Bank as well. Chinese digital Yuan went through several phases of testing and was recently launched successfully. The popularity of the digital Yuan is increasing on a rapid basis as all local and foreign crypto trading platforms in China are adopting the digital Yuan.

In fact, Chinese Government too had also played a major role in ensuring the high-scale adoption of the digital Yuan. First, the exchanges were debarred from engaging in crypto trading, including Bitcoin and others. Then the Government initiated a mega crackdown operation against crypto exchanges that were involved in crypto trading.

During these search and seizure operations conducted by local police, crypto funds were seized from several entities. One such company from whom crypto funds were seized was Beosin. The crypto funds were lying in the custody of law enforcement agencies and officers were deputed to ensure their safety. However, one of the executives who was entrusted with the safety of the funds was found using the funds illegally.

The executive reported utilized the seized funds and placed them in a bet relating to Bitcoin. However, the bet did not go well and in fact, the money was lost by the executive. The money was put online by Beosin’s executive was around Chinese Yen 300 Million which comes to US$ 46 Million approximately. Beosin was holding given the responsibility to ensure the safekeeping of these funds which were given to it by the Chinese Government. These funds were in fact seized by the Chinese Government from crypto fraudsters.

Beosin’s executive has been reported to be one Gao Ziyang who is working as Chief Market Officer of the company. It was found that Gao Ziyang had engaged in a gambling pursuit which was relating to Bitcoin and its possible value increase. However, his expectations turned out totally contrary to his judgment and resultantly he lost all the money in a single bet.

The news of a security breach taking place at Beosin by one of its own executives went viral like wildfire. Several news agencies such as Forkast News etc. tried to seek comments from Beosin. In this connection, the news agency also made several calls as well as written requests but so far no response has been received from Beosin. It seems that the company is not willing to respond to any comments.

However, through unknown resources, it has been confirmed that the executive has been immediately suspended from services. In addition, an internal inquiry has been initiated against the executive for violating the company’s policy. Police too have been contacted for registration of complaint of crypto funds theft as well.