World Cup: Chinese Police Hack $1.5 Billion Cryptocurrency Gambling Ring Cryptocurrency market is extremely volatile and has been under the radar for many illegal gambling and money laundering issues. In a recent update, Chinese police have busted a racket of illegal World Cup gambling worth than 10 billion yuan (US$1.5 billion). This is the first kind of bet sport which involved digital currency that too in such a huge amount. According to the South China Morning Post, it is stated that police caught the gamblers in the southern province of Guangdong. There are six main suspects of the group and have undertaken their bank accounts which have about five million yuan. Apart from this, the officials have also seized cryptocurrency coins of an estimated 10 million yuan. The gambling was done on the operating system called the dark web. This typically worked was indexed through traditional search engines. It acknowledged cryptocurrencies like bitcoin, litecoin, and ethereum. This was all going from last eight months as revealed by Guangdong police officials. The site is said to have gathered about 330,000 registered users from many countries. This was all operated through 8000 agents who received commission against recruiting new members for the group. This was all done through the model of the pyramid chain scheme. The betting group considered that there is no appropriate regulation on virtual currency and therefore made fraudulent entry. Indeed the group was making profits by the illegal betting. How The Chinese Government Imposing Ban On The Illegal Cryptocurrency Trade? The Chinese government has banned all the cryptocurrency exchanges in last September due to illegal issuing of the coin. There was a genuine fear of financial instability and illegal fundraising through crypto coins. There has been a significant drop in the trade value of yuan-bitcoin pair In another incident, the police have made an arrest of 540 suspects from 20 gambling areas and took possession of 260 million yuan. There was a campaign run by the police officials to crack down this World Cup gamble. The post World Cup: Chinese Police Hack $1.5 Billion Cryptocurrency Gambling Ring appeared first on OWLT Market.

Cryptocurrency market is extremely volatile and has been under the radar for many illegal gambling and money laundering issues. In a recent update, Chinese police have busted a racket of illegal World Cup gambling worth than 10 billion yuan (US$1.5 billion). This is the first kind of bet sport which involved digital currency that too in such a huge amount.

According to the South China Morning Post, it is stated that police caught the gamblers in the southern province of Guangdong. There are six main suspects of the group and have undertaken their bank accounts which have about five million yuan. Apart from this, the officials have also seized cryptocurrency coins of an estimated 10 million yuan.

The gambling was done on the operating system called the dark web. This typically worked was indexed through traditional search engines. It acknowledged cryptocurrencies like bitcoin, litecoin, and ethereum. This was all going from last eight months as revealed by Guangdong police officials. The site is said to have gathered about 330,000 registered users from many countries. This was all operated through 8000 agents who received commission against recruiting new members for the group. This was all done through the model of the pyramid chain scheme.

The betting group considered that there is no appropriate regulation on virtual currency and therefore made fraudulent entry. Indeed the group was making profits by the illegal betting.

How The Chinese Government Imposing Ban On The Illegal Cryptocurrency Trade?

The Chinese government has banned all the cryptocurrency exchanges in last September due to illegal issuing of the coin. There was a genuine fear of financial instability and illegal fundraising through crypto coins.  There has been a significant drop in the trade value of yuan-bitcoin pair

In another incident, the police have made an arrest of 540 suspects from 20 gambling areas and took possession of 260 million yuan. There was a campaign run by the police officials to crack down this World Cup gamble.

 

The post World Cup: Chinese Police Hack $1.5 Billion Cryptocurrency Gambling Ring appeared first on OWLT Market.

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