Corrupt officials in China are not easily off the hook. Even with 2000 ETH, they dare not spend it. Some exchanged it for money to buy a villa, which was under renovation when they were caught.

Yao Qian previously served as the first director of the Digital Currency Research Institute of the People's Bank of China.

In 2018, Yao Qian, through his subordinate Jiang Guoqing, helped cryptocurrency businessman Zhang Mou to contact a virtual currency exchange, ensuring the smooth launch of his ICO project.

The project raised 20,000 ETH. Zhang Mou later gave Yao Qian 2000 ETH as a thank you.

At that time, ETH prices were not high. By the peak of the 2021 bull market, these 2000 ETH were worth over 60 million RMB.

Yao Qian only cashed out 370 ETH in 2021, totaling about 10 million RMB.

This money was transferred through multiple pseudonymous accounts and used to pay part of the down payment for a villa in Beijing worth over 20 million RMB. The villa was registered under a relative’s name, but he had actual control.

An additional 12 million RMB for the villa came from other suspicious sources of funds.

About 1630 ETH remained in cold wallets and had not been moved, according to investigations.

The special task force directly seized three different hardware wallets from his office drawer, with a total virtual currency value worth tens of millions of RMB.

They also found a note with mnemonic words.

Yao Qian confessed, saying he knew it was a sneaky act. "How could you do this? You just thought it was hard to find evidence before."

Based on his digital currency background, the investigation team used blockchain tracing to fully track the flow of 2000 ETH from Zhang Mou’s address to Yao Qian’s address in 2018, as well as the transfer record of 370 ETH in 2021. Combined with big data cross-referencing and pseudonymous account analysis, they linked on-chain funds to the real estate, forming a closed-loop evidence chain.

While virtual currencies seem discreet with no identity binding and free cross-border flow, once converted into real assets, they become visible and cannot be hidden. The villa became his visible proof.

Timeline
2018: Received 2000 ETH
2021: Cashed out 370 ETH worth 10 million RMB
April 26, 2024: Case filed and under investigation
November 20, 2024: Disciplinary action announced, naming the use of virtual currency for power and money transactions
January 14, 2026: CCTV special report, episode 4, "Technology Empowers Anti-Corruption," revealing all details without pause

No matter how you hide your coins—hardware wallets, mnemonic phrases—once they are found, whoever has them owns your coins.