Former CSRC Official Yao Qian Took 2,000 ETH Bribe, Hid Funds in Disguised Hardware Wallets

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By BlockFlowJan 15, 2026

Peak value exceeded RMB 60 million; funds were stored in hardware wallets disguised as everyday objects, including a TV remote.

Hardware wallets disguised as TV remotes. A 20 million RMB villa paid for in Ethereum. A "perfect" invisible crime. It sounds like a movie, but it was the downfall of CSRC’s Yao Qian. Watch how anti-corruption tech de-anonymized a 60 million RMB crypto bribe.

Yao Qian was the former Director of the Digital Currency Research Institute at the People’s Bank of China. He understood the tech better than anyone. He believed his deep knowledge of blockchain anonymity gave him a superpower: the ability to take bribes that would never be found.

He was wrong.

The Heist: 2,000 ETH in a "TV Remote"

The scheme began in 2018. Through a trusted subordinate, Zhang, a crypto boss approached Yao for help launching a token. The project raised 20,000 ETH.

In return, the boss sent a "thank you" package of 2,000 ETH, which value over 60 Million RMB at peak.

Yao didn't use a bank. He used cold hardware wallets that looked like everyday objects, such as USB sticks, gadgets, and even one disguised as a TV remote control, hidden deep in his office drawer.

The Off-Ramp

Yao’s plan was nearly perfect, except for one problem: You can't live in a hardware wallet.

To enjoy his stolen wealth, Yao had to convert crypto to cash.

He used mule accounts, bank accounts opened by others but controlled by him to wash the funds.

In 2021, he cashed out 370 ETH (approx. 10 Million RMB) to pay for a luxury villa in Beijing worth over 20 Million RMB. The villa was registered in a relative's name to keep his name off the deed.

The Takedown

The investigation team (CCDI) didn't just knock on doors; they audited the blockchain. This was a battle between Tech vs. Tech.

Knowing Yao’s background, investigators anticipated crypto involvement. They raided his office, specifically looking for those disguised hardware wallets and the "seed phrase" paper slips.

Once they had the wallet addresses, the blockchain’s public ledger turned against Yao.

The blockchain data showed the cash-out. The banking data showed the transfer to the villa seller. The "anonymous" chain was broken the moment the money touched the real world.