Woofun AI reports that the District Court of Hong Kong convicted Xiao Rui on June 23 for four counts of money laundering and one count of using a false instrument. Xiao Rui, son of former Wuhan Municipal Supervisory Commission member Xiao Jun, is accused of accepting approximately 4.72 million HKD in bribes and laundering over 64 million HKD via underground banks.

Court records indicate that between January 2016 and September 2017, Xiao Rui's Standard Chartered and DBS accounts received remittances totaling over 54 million HKD. Although he asserted that partial funds originated from Bitcoin sales, the judge dismissed this claim due to absent transaction records. Sentencing is scheduled for July 23.