Home / bitcoin / Chinese Police Bust World Cup Gambling Ring With More Than $1 Billion In Cryptocurrency

Chinese Police Bust World Cup Gambling Ring With More Than $1 Billion In Cryptocurrency

An nameless reader quotes a document from The Verge: Chinese government have arrested six suspects behind a World Cup gambling ring that was once internet hosting greater than 10 billion yuan — or $1.five billion USD — price of cryptocurrency bets, in keeping with a statement launched the day prior to this by means of the police division in Guangdong province. The playing syndicate ran at the darkish internet, accepting bets within the type of bitcoin, ethereum, and litecoin for an eight-month stretch prior to being apprehended. It attracted greater than 300,000 gamers from other international locations, and eight,000 “agents” who earned commissions for recruiting new contributors via a pyramid scheme-like device, according to the South China Morning Post. The bust that took down the darkish internet syndicate was once part of China’s greater plans to stem the criminality — although this was once the primary to contain cryptocurrency, in keeping with Guangdong regulation enforcement. Thus a long way, they have arrested 540 suspects and frozen greater than 260 million yuan as part of their efforts.

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