A prosecutor in Beijing has reportedly approved the arrest of a director of a Shanghai-listed Chinese big data company on suspicion of misappropriating the firm’s funds to mine Bitcoin, exchange filings showed.

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Fast facts

  • Li Qunnan, a director of the board of Zhongchang Big Data, was accused of embezzling 53.55 million yuan (US$8 million) in company’s funds to buy Bitcoin mining rigs and pay for hosting services in 2021, the company said in multiple filings to the Shanghai Stock Exchange.
  • Li, however, is not in China at the moment, according to local media reports.
  • Zhongchang Big Data booked a net loss of 472.1 million yuan (US$71 million) in 2021, down from a net profit of 9.5 million yuan in 2020 (US$1.4 million), according to its 2021 annual report

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