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Home / Bitcoin Usage / Chinese Authorities Raid Billion Dollar Crypto Gambling Ring

Chinese Authorities Raid Billion Dollar Crypto Gambling Ring

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Chinese authorities have raided one of the largest gambling rings in the country confiscating well over $1.5 million. In addition to the arrest of well over 500 individuals, authorities also tracked down and confiscated a further $750000 worth of rembini in company bank accounts.

The FIFA world cup final may be just around the corner, but the enjoyment for well over 330000 came from the opportunities to profit from gambling on these high stakes games. Police from the Guangdong province also announced the gambling site, which has not yet been named, operated overseas but managed to access the Chinese market due to regulatory loop holes which allowed the site to offer it services while making use of crypto to obfuscate user transactions.

Chinese authorities further emphasized the position of crypto as being integral to sustaining such gambling activities. The site also informed users crypto such as Ethereum, bitcoin or litecoin would be used to allow member transactions to remain anonymous preventing funds from being confiscated by the authorities. Gambling remains a controversial subject in the state with all forms essentially illegal in mainland china. Only Hong Kong and Macau remain permitted to engage in gambling activity, while before the advent of crypto, only state run lotteries and a handful of legal gambling establishment were available to the general public.

To conclude, approximately 540 members involved in the ring in china were arrested. Gathering evidence from a number of internet sites, the police and state authorities also followed suspicious internet advertisements by the company which enticed users to gamble on the platform ensuring security and protection of profits members accrued. Processing well over $1.5 billion worth of user transactions the gambling ring is one of the largest to be discovered in recent times.

Disclaimer : NairaEx or the author do not condone the illegal use of crypto. Please consult your local authorities for regulations surround crypto use in your area.

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