A Chinese embezzled about $250,000 in company funds to invest in a Bitcoin contract but now only has $300 left

In Nanjing, Jiangsu, a Chinese person was recently arrested for embezzling around $250,000 of the company’s budget to invest in a Bitcoin contract. However, when he was arrested by the police, his account was only about $300. A story that really doesn’t know whether to be happy or sad.

A Chinese embezzled about $250,000 in company funds to invest in a Bitcoin contract but now only has $300 left

This Chinese man named Hu, head of the quality control department of a company. When he saw Bitcoin price explode last year, he couldn’t stand it, wanted to follow the wave and get a piece of the pie. But unexpectedly Hu lost more money and won less when participating in the Bitcoin market.

After that, he sank deeper and deeper, wanting to regain his capital, so Hu plunged into a one-way street and never returned. To raise money, Hu began to take advantage of his position to steal payments from customers, forge return documents himself, make false statements from the company, and change return documents.

For Bitcoin speculation, when the company called the police, Hu had embezzled more than 1.5 million yuan ($250,000) in the company’s funds. However, the funny story is that when he was caught by the police, he only had about 3,000 yuan, or $300, in his account. Judging by last year’s market prices, if Hu had really been savvy, he wouldn’t have lost so much. Did the price crash in May send him to zero overnight?

Basically, Hu could not return the embezzled money. The company received feedback from partner companies that they did not receive payment from Hu even though he said he did. Now that Hu was arrested, the money was gone, and he had to return the money of the partner company, and the consequences were self-inflicted.

However, If he did not speculate in the future, but bought spot, it might have helped the company make a lot of money.

Investing is risky, and speculation requires caution. For any investment, you should not exceed your tolerance and risk tolerance. Getting rich overnight and embezzling public funds in the belief that holes can be filled with money is a bizarre idea. When there is such an idea, it is destined to break the law.

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