Chinese Authorities Arrest Hundreds Involved in Crypto Gambling Group
Guangdong has recently seen one of the biggest busts of online cryptocurrency gambling groups reported to have collected bets accumulating to $1.5 billion. In a movement involving 21 official authorities, more than 500 suspects have been arrested as part of the raid on gambling during the World Cup, organizing bets on the sport during its biggest event.
Gambling is forbidden in China under its laws and any activity related to online or offline betting is punishable. According to statements by the city’s PPSD, law enforcement launched an investigation into an illegal gambling platform responsible for more than $1.5 billion digital wagers. The statement added that bets on the platform could be placed in BTC, LTC, and ETH.
More than 300K users gambled on the platform since its launch. Officials charged the platform with fraudulent advertising due to their promotional bonuses which promise to rack in further wins by an invite system. Further manipulation of users occurred as a small group within the platform had increased winning odds due to gambling odds and their alteration to ensure wins.
So far, Chinese authorities have stated that six leading individuals behind the platform have been arrested and $1.5 million in frozen assets have been taken in. Additional confiscation by authorities included phones, computers, financial cards and seventy applications associated with the gambling platform have been shut down, as well as more than 200 involved chat groups.