On-chain irrefutable evidence: How a bribe of 2,000 ETH penetrated multiple layers of disguises and ultimately turned into a Beijing villa set

A recent documentary revealed a complete chain of corruption involving virtual currencies.

The central figure in the case previously held a key position at a Chinese financial regulatory agency. In 2018, he accepted 2000 $ETH as a bribe, and in 2021, exchanged 370 $ETH for 10 million RMB.

Investigators used blockchain technology to clearly trace the full path of this $ETH from the briber’s wallet to his personal wallet.

The subsequent flow of these funds was also identified. The 10 million RMB obtained from the exchange, along with two other transactions totaling 12 million RMB, was used to purchase a villa in Beijing valued at over 20 million RMB. The property is registered under a relative’s name, but the actual owner is him.

A key detail is that his personal bank accounts showed no obvious abnormalities. However, through big data cross-referencing, several “mule accounts” were discovered—accounts opened under others’ identities but controlled by him. All the funds used for the property purchase flowed through these accounts.

Tracing the 12 million RMB revealed its source was an information services company. The investigation confirmed that he used his authority to assist the company in expanding its business in the securities and futures industry, facilitating benefit transfer.

The case also involved a long-time subordinate who followed him closely. This subordinate participated in nearly every large transaction involving power and money, especially acting as an intermediary during the $ETH bribery.

Regarding the 2000 $ETH bribe, it originated from a request by a figure in the digital currency field in 2018. He helped this person’s company with a token issuance project by contacting a certain exchange, successfully raising 20,000 $ETH. Afterwards, he received 2000 $ETH as a thank-you.

Investigators found a hardware wallet storing these assets in his office drawer, forming a complete evidence chain. Confronted with irrefutable on-chain data and fund flow records, the individual finally admitted all violations of discipline and law.

This case clearly demonstrates that although virtual currencies have features of anonymity, all their transaction records on the blockchain are public and tamper-proof. This provides a crucial technological tool for solving new types of corruption cases.

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