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Caixin: Son of Former Wuhan Supervisory Official Launders Over HKD 64 Million in Hong Kong, Claims Some Funds Came from Bitcoin Sales

According to Caixin, Xiao Rui, the son of former Wuhan Supervisory Committee member Xiao Jun, is suspected of receiving approximately HKD 4.72 million in bribes from mainland construction contractors on behalf of his father, and has laundered over HKD 64 million through underground money houses. On June 23, the Hong Kong District Court found Xiao Rui guilty on four counts of 'money laundering' and one count of 'using a false document,' with sentencing scheduled for July 23. In court, Xiao Rui claimed that the large sums involved were legitimate earnings from his mother's business, which she gifted to him for investment in Hong Kong, and that part of the funds came from Bitcoin sales. However, the judge rejected his testimony regarding Bitcoin, stating that Xiao Rui could not provide any basic records such as transaction dates, numbers, or wallet addresses.

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