A CCTV anti-corruption documentary has detailed how former China Securities Regulatory Commission official Yao Qian allegedly used cryptocurrencies to conduct bribery and conceal illicit assets. The program said Yao accepted 2,000 ETH tied to an ICO project, then used hardware wallets, nominee accounts, and layered transfers to store and move the proceeds.
2,000 ETH allegedly tied to ICO listing assistance
According to the broadcast, Yao was involved in crypto-linked benefit transfers as early as 2018. A businessman surnamed Zhang, who was running an ICO, asked Yao to “put in a word” with a virtual currency trading platform so the project could gain listing support. The project later raised about 20,000 ETH. Zhang then transferred 2,000 ETH to Yao as compensation. Investigators said the transfer became key evidence that Yao had used his regulatory authority to accept bribes in cryptocurrency form.
Hardware wallets found in office drawer
Investigators also found multiple hardware wallets in Yao’s office drawer. Such devices are commonly used to store crypto assets offline and can be difficult to detect in ordinary financial reviews. Forensic examination found that the wallets held cryptocurrency Yao had allegedly received over the years through illicit channels. The documentary presented this as part of a full chain: receiving tokens, hiding them in offline storage, then moving value through other accounts and transactions.
Layered transfers traced to Beijing villa purchase
While Yao’s own bank accounts appeared normal on the surface, disciplinary authorities said cross-checking through big-data analysis identified several accounts opened under other names but actually controlled by him. In one case, 10 million yuan was traced back through about four layers of transfers to a virtual currency trader. That money was then used to pay part of the purchase price for a Beijing villa valued at more than 20 million yuan. The property was registered under a relative’s name, while investigators said beneficial ownership belonged to Yao. Two more transfers totaling about 12 million yuan were also said to have been routed through similar channels to cover the remaining payment.
Subordinate allegedly helped receive funds and convert them into ETH
The program also said Yao used subordinate Jiang Guoqing to receive 12 million yuan in benefits from a businessman surnamed Wang. Part of that money was converted into 370 ETH, increasing Yao’s crypto holdings. In footage shown by CCTV, Yao admitted he knew it was covert misconduct and said he had previously believed it would be hard to find evidence.
The case timeline released in the program shows Yao was placed under review and investigation on April 26, 2024. In November 2024, he was expelled from the Communist Party and removed from public office, with the official notice explicitly mentioning the use of virtual currency in power-for-money transactions. Evidence collection continued through 2025, including electronic data reviews and virtual asset price appraisal. More case details were made public in the CCTV program aired on January 14, 2026.