Moneycontrol
Last Updated : Jul 13, 2018 02:46 PM IST | Source: Moneycontrol.com

China police seize $1.5 million in cryptocurrency in World Cup gambling crackdown

The investigation team has discovered that the website was based overseas and used a traditional online gambling model, but had merged it with payments via cryptocurrencies.

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Police in China’s Guangdong province seized over $1.5 million worth of cryptocurrencies, as part of its effort to crack down gambling during the ongoing 2018 FIFA World Cup.

According to a report by Coindesk that cites news agency Xinhua, local authorities in the province noticed unnamed gambling platform in May after advertisements that claimed it would "accept international recognized cryptocurrencies including bitcoin, ether and litecoin" in order to draw in users.

 

The advertisement led to an investigation to verify authenticity of the claims and to check their legalities.

The investigation team has discovered that the website was based overseas and used a traditional online gambling model, but had merged it with payments via cryptocurrencies.

According to a report, around 3,33,000 members had registered and used the website in eight months, accounting to an approximate transaction volume of $1.5 billion.

Authorities have already arrested six site organisers, confiscating around $1.5 million worth of cryptocurrencies apart from $750,000 in Yuan deposits from their bank accounts, the report adds.
First Published on Jul 13, 2018 02:46 pm
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