Crackdown on cryptocurrency gambling in China

crackdown cryptocurrency gambling china

The police raided an online gambling group in China. Credits: CCN

The police have seized a gambling ring focused on the FIFA World Cup using cryptocurrencies.

China.- China’s Guangdong province police have announced that they cracked a gambling group that was operating illegal online soccer operations focused on the football World Cup. The gambling ring used cryptocurrencies totalling US$1.5 billion.

The Guangdong Provincial Public Security Department revealed that six members of the group were arrested in simultaneous raids in Shenzhen and Guangzhou. “The local police also found that multiple gambling gangs used the online social platform to promote the gambling platform during the World Cup,” said the report. Another 540 people suspected to be involved in organised online gambling rings were arrested during the operations.

It is believed that more than 330,000 members have participated in the online gambling platform ever since its launch eight months ago. The platform supported Bitcoin, Litecoin and Ether, cryptovest reported.

“The bookmaker analyzes the gambler betting, manipulates the odds according to the betting ratio and allows a small number of people to win, most of them get rid of the gap to get the difference. Some of the gambling personnel were deeply involved, which led to bankruptcy and even illegal crimes such as theft and robbery, which brought huge hidden dangers to public security,” said the police.