Chinese Police Arrested Over 540 Individuals involved in Online Crypto Betting worth $1.5 Billion

Jul 14, 2018 at 09:35 // News
Coin Idol
Over 540 people were suspected of managing online gambling rings.

The Chinese police in the Guangdong city have confined hundreds of people in online gambling platforms which enabled betting with over $1.5 billion in cryptocurrencies such as bitcoin and ethereum. A law enforcement operation that involved 21 strong public security authorities in the city of Guangdong has battled football gambling during the Russia world cup football competition which resulted in the massive arrest of 540 people that were suspected of managing online gambling rings.

Gambling as an activity is itself felonious under Chinese law and participating in or facilitating or opening any gambling platform results in criminal offences. 

Pyramid Scheme Addictive 

In an official proclamation,  the Guangdong Provincial Public Security Department made it more specific on a certain unidentified online gambling platform that managed to facilitate more than $1.5 billion in crypto betting. The announcement said that the gambling platform manifested full support for betting in Bitcoin, Litecoin, and Ethereum.
Just in 8 months since the online gambling platform was launched, it has managed to attract more than 330,000 registered members. 

The Authorities strongly censured the gambling platform for amassing abnormal profits via a pyramid scheme which emboldens members to recruit others to generate their own commissions. In addition, the bookmaker purportedly manipulated the online betting odds into different sizes of bets to enable a less number of people to gain. 

When Two Elephants Fight 

Authorities have gone further to arrest '6 significant members' that are behind this wide-spreading gambling platform all over China, seized crypto worth over $1.5 million and froze assets of more than RMB 5 million. 

Very many things were also seized including computers, bank cards, servers and smartphones during the operation, the authorities closed up 70 mobile apps and websites plus 250 other online active chat groups. 

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

Meanwhilst, the World Cup final is on the door that is to be contested between the two elephants, France and Croatia, this Sunday. Bet or no bet?

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