Police crack China’s first cryptocurrency gambling ring

[The Buzz]

Chinese authorities have cracked an illegal cryptocurrency World Cup gambling syndicate worth more than $1.5 billion in what is believed to be the first major instance of a cryptocurrency sports betting crime in China.

From Inside Asia Gaming:

The Guangdong Provincial Public Security Department released a statement late last week announcing that police had arrested six people suspected of running the syndicate, which operated on the dark web and attracted around 330,000 users. All bets were placed using digital currencies.

According to the statement, around 5 million yuan in cash and 10 million yuan in cryptocurrencies have been seized.

“The online gambling crime gangs were closely organized, with a mostly pyramid-style organizational structure, recruiting agents at various levels, developing members at various levels and profiting from the middle members’ betting amount,” police explained.

The websites also utilized familiar casino names such as “Crown” and “New Lisboa” to attract customers.

Only last week Chinese social media giant Tencent announced that it had shut down 50,000 accounts on its hugely popular WeChat app for involvement in illegal gambling activities.

However, Guangdong police described the discovery of the cryptocurrency ring as unique due to it being “the first case of using bitcoin for online gambling” and “the most representative of new online gambling cases.”

Read the entire article here: http://www.asgam.com/news/item/5006-...ling-ring.html

[Moonlight Cat]

Wow! $1,500,000,000

[Cash Bonus]

Now that is an unbelievably huge amount of money

[sweetbet]

Only last week Chinese social media giant Tencent announced that it had shut down 50,000 accounts on its hugely popular WeChat app for involvement in illegal gambling activities.

What are the authorities going to do when decentralized web applications start gaining momentum? Decentralized messengers that can't be shut down, blocked or censored.

[Sherlock]

330K people on darkweb and in crypto and gambling? That are incredibly high numbers. I think the numbers are not correct. If yes, then crypto future and cryptogambling future is very bright.

What are the authorities going to do when decentralized web applications start gaining momentum? Decentralized messengers that can't be shut down, blocked or censored.

There are two options:
1. They will not be able to do anything and system breaks up
2. They will try to impose even more censorship, like whitelisting of apps, total control etc., so hard censorship instead of soft and complete dystopia and system breaks up later

[Sherlock]

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