Chinese police crack down on $ 1.5 billion Bitcoin gaming ring

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Chinese police in Guangdong City arrested hundreds of people involved in online gaming platforms that facilitated betting with $ 1.5 billion in cryptocurrency, including bitcoins.

An extensive law enforcement operation involving 21 public security authorities in Guangdong has cracked down on football organized at the World Cup football, resulting in the arrest of some 540 suspected suspects. Organize online gaming networks. Gambling is illegal under Chinese law and the very act of participating in online gambling or facilitating / opening a gambling platform entails criminal liability.

In an announcement, Guangdong Province's public security department restricted its activities to an unnamed online gaming platform that facilitated more than 10 billion yuan ($ 1.5 billion) in betting. in encrypted paris. The gaming platform has promised to support bets in Bitcoin, Ethereum Ether and Litecoin, announced the announcement.

In the 8 months since its launch, the gaming platform has attracted more than 330,000 members.

The authorities have accused the platform of accumulating profits through a pyramid scheme encouraging members, or "agents", to bring in others to raise their own commissions. In addition, the bookmaker would also have manipulated the odds of online betting in proportion to the size of the bets to allow a small number of people to win, said the authorities.

Authorities also arrested "six key members" behind the gaming platform in China, blocked assets exceeding RMB 5 million and confiscated cryptocurrency worth more than RMB 10 million (about 1.5 million yuan). million bucks).

Severs, computers, smartphones and bank cards were also seized during the crackdown that saw authorities close seventy mobile apps and websites as well as 250 newsgroups online.

"[This case] is the most representative [example] a new form of online football game, "added the Guangdong Authority.

Meanwhile, the final of the World Cup should be played between France and Croatia, this last outsider, this Sunday. Chances?