Caixin: Son of former Wuhan Supervisory Commission official launders over HKD 64 million in Hong Kong, claiming some funds came from selling Bitcoin Golden Finance reported that according to Caixin, Xiao Rui, the son of Xiao Jun, a former member of the Wuhan Municipal Supervisory Commission, is suspected of accepting approximately HKD 4.72 million in bribes from mainland engineering contractors on behalf of his father, and laundering over HKD 64 million through underground banks. On June 23rd, the Hong Kong District Court ruled that Xiao Rui was guilty of all four counts of "money laundering" and one count of "using a copy of a false document". The judge will announce his sentence on July 23rd. Regarding the charge of "money laundering", Xiao Rui argued in court that the huge amount involved was the legitimate proceeds of his mother's business, which was gifted to him by her for investment in Hong Kong, and some of the funds came from the sale of Bitcoin. The judge refused to accept Xiao Rui's testimony regarding the explanation of Bitcoin, as he was unable to provide any basic records such as transaction dates, numbers, or wallet addresses.