Source: CCTV-1

Organizer: KarenZ

Summary

• In 2018, a cryptocurrency entrepreneur named Zhang solicited help from Yao Qian through Jiang Guoqing for a token issuance financing project for his company. Yao Qian accepted the request and made a connection with a virtual currency exchange, helping the company successfully issue tokens and raise 20,000 ETH. Subsequently, Zhang presented Yao Qian with 2,000 ETH as a token of gratitude.

On the evening of January 14, 2026, the fourth episode of the television documentary "Step Forward Without Stopping, Step Back Without Retreating," co-produced by the Publicity Department of the Central Commission for Discipline Inspection and the Central Radio and Television Station, aired on CCTV-1, revealing the special investigation team's attempt to restore the entire chain of virtual currency transactions received by Yao Qian based on the characteristics of virtual currency on the blockchain.

Yao Qian, former director of the Technology Supervision Department of the China Securities Regulatory Commission and former director of the Digital Currency Research Institute of the People's Bank of China, was placed under investigation in April 2024. A special investigation team was formed by the Discipline Inspection and Supervision Group stationed at the China Securities Regulatory Commission and the Shantou Municipal Supervision Commission in Guangdong Province to handle this case.

As the investigation deepened, it was found that several large transactions involving power and money by Yao Qian employed new forms of corruption and hidden corruption methods, including the acceptance of virtual currency.

The special investigation team utilized blockchain technology to trace the flow of 2,000 ETH from Zhang's ETH wallet address to Yao Qian's ETH wallet address in 2018, as well as the complete record of Yao Qian transferring 370 ETH in 2021 to exchange for 10 million yuan. Faced with solid evidence, Yao Qian had no choice but to admit to his disciplinary and legal violations.

The special investigation team seized a hardware wallet from a drawer in Yao Qian's office. At the same time, the team strictly adhered to regulations and laws, fully utilizing big data information technology to conduct a comprehensive investigation of Yao Qian's relevant circumstances, and discovered related traces. According to the legally obtained account information, although Yao Qian's personal account showed no obvious abnormalities, big data cross-checking revealed several bank accounts opened under other people's identities, which were actually Yao Qian's "dummy accounts" controlled by him.

By tracing the large sums of money flowing in and out of these "dummy accounts," it was discovered that one transaction of 10 million yuan originated from a virtual currency trader's fund account. Shortly after this 10 million yuan reached Yao Qian's "dummy account," it was used to pay part of the purchase price for a villa in Beijing. This villa, priced over 20 million yuan, was registered under the name of a relative of Yao Qian, but was actually owned by Yao Qian. All the funds for the purchase came from his "dummy account."

Additionally, there were two other large incoming transactions totaling 12 million yuan that were also used to pay for the property. The origins of this 12 million yuan were also exceptionally complex.

The special investigation team discovered that these funds came from an information service company controlled by a businessman named Wang. The team further found that Yao Qian used his power to assist this company in providing technology services in the securities and futures industry, forming a complete evidence chain for the 12 million yuan benefit transfer.

Wang revealed that in this power-money transaction, Jiang Guoqing, a subordinate of Yao Qian, was involved in almost every large power-money transaction of Yao Qian, especially when Yao Qian accepted virtual currency bribes. Jiang Guoqing had previously followed Yao Qian to the Digital Currency Research Institute of the People's Bank of China and the Technology Department of the China Securities Regulatory Commission, being a trusted aide of Yao Qian and a pawn in his path of corruption. Many entrepreneurs engaging in power-money transactions with Yao Qian were introduced or had their requests conveyed by Jiang Guoqing, who also took a share of the profits.

In 2018, a cryptocurrency entrepreneur named Zhang solicited help from Yao Qian through Jiang Guoqing for a token issuance financing project for his company. Yao Qian accepted the request and made a connection with a virtual currency exchange, helping the company successfully issue tokens and raise 20,000 ETH. Subsequently, Zhang presented Yao Qian with 2,000 ETH as a token of gratitude.

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