Son of Wuhan Official Convicted of Over HK$64 Million Money Laundering in Hong Kong Court, Claims Bitcoin Sales as Funding Source

According to Caixin, on June 23, Xiao Rui, son of former Wuhan discipline commission official Xiao Jun, was convicted by Hong Kong District Court of four money laundering charges and one count of using false documents. Xiao allegedly received approximately HK$4.72 million in bribes on behalf of his father from mainland construction contractors and laundered over HK$64 million through underground money changers. The judge will announce sentencing on July 23.

Xiao claimed in court that the substantial sums were legitimate business proceeds from his mother and gifts for investment in Hong Kong, with part derived from bitcoin sales. The judge rejected this testimony, noting that Xiao failed to provide transaction dates, wallet addresses, or other basic records to support the cryptocurrency sale claim.