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Friday, July 13, 2018

Chinese police crack down on cryptocurrency gambling...

A Chinese based investigation into illegal gambling on the FIFA World Cup has lead to a large bust, according to local news:

"The network took off more than 20 involved gangs, arrested more than 540 suspects, smashed more than 70 gambling apps and websites, shut down more than 250 online social platform chat groups, and frozen more than 260 million yuan of funds involved in the seizure. A group of servers, computers, mobile phones, bank cards and other items involved."

The local police department behind the operation released a statement saying:

"In recent years, online gambling crimes have developed rapidly, and the forms have emerged in an endless stream. Recently, Maoming police found in their work that some criminals used the online platform to open casinos and declared that they “support the world-wide Bitcoin, Ethereum and Litecoin to recharge, and dozens of countries in the world work simultaneously” to attract a large number of fans to bet. Gamble the ball, while the local police also found that multiple gambling gangs used the online social platform to promote the gambling platform during the World Cup"

Included in the seized assets were $1.5 Million worth of cryptocurrencies, and $750k in bank deposits. 

Authorities say this isn't a one-time operation - adding that online gambling outlets targeting Chinese citizens should expect police to maintain "high pressure" against them.
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Author: Adam Lee 
Asia News Desk