BIT Mining, formerly known as 500.com, has acknowledged authorizing approximately $2.5 million in bribes to Japanese officials between 2017 and 2019 to secure a resort and casino license in Japan. To resolve charges from the U.S. government, the firm will pay a total of $10 million in fines: $4 million to the SEC and $6 million as a criminal fine to the DOJ. The bribes included cash, entertainment, and trips for politicians. Zhengming Pan, the former CEO, has been charged by the DOJ for orchestrating the scheme through fake contracts and mislabeling bribes as legitimate expenses. Despite facing a potential $54 million fine under U.S. Sentencing Guidelines, BIT Mining's penalty was reduced due to its financial situation. Following its pivot to Bitcoin mining in December 2020 and subsequent rebranding, the company's stock fell by 6.3% after the announcements were made public. Officials emphasized the detrimental impact of such corruption on investor confidence and market integrity.

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