Hong Kong Banker Sentenced to Four Years for Crypto Bribe-Linked Fake Documents

A former Hong Kong bank manager has been sentenced to four years in prison for accepting over $470,000 in cryptocurrency bribes to authenticate fake financial documents worth more than $1.6 billion.

The case involved China Construction Bank (Asia), fintech firm Vesttoo and a wider group of alleged co-conspirators.

Lam Chun-yin, 32, a former customer relationship manager at China Construction Bank (Asia), pleaded guilty to conspiring to accept bribes. Between April and June 2022, he received over $470,000 in Tether USDTUSD in exchange for authenticating several fake standby letters of credit.

The documents falsely claimed to have been issued by CCB and included two forged collateral letters involving more than $1.6 billion.