China’s Police Busts a World Cup BTC Gambling Scheme

China’s Police Busts a World Cup BTC Gambling Scheme
Subscribe:

A police department from Guangdong province in South China has just announced the discovery and breaking of a large football gambling syndicate. The reports claim that the illegal gambling operation was $1.5 billion large, and focused on using Bitcoin (BTC), the number one cryptocurrency to date.

Crypto gambling campaign busted

According to reports released by Xinhua, a local news outlet, China’s police department from Guangdong arrested around 540 individuals connected to a large illegal football gambling operation. Additionally, the law enforcers froze over 5 million yuan-worth of assets and even confiscated more than 10 million yuan in cryptos.

The illegal gambling operation involved up to 20 gangs that managed to recruit around 330,000 members in only eight months. Additionally, they used 70 apps and websites, and more than 250 chat groups to conduct their operations and announce promotions. The most recent activity prior to the arrests focused on football matches of this year’s World Cup.

Gamblers went for cryptos to avoid regulations and detection

China is not exactly looking lightly on gambling, and most forms of this activity are illegal. There are a few officially managed gambling games that are run for charity that the country allows, but apart from that, it is not legal to gamble in China. Despite this, as well as the fact that China is not even qualified for the World Cup, the interest in football is still high in the country.

Read more on:

source