Latest in Gear

Image credit: Matthew Horwood via Getty Images

China busts World Cup gambling ring pulling $1.5 billion in crypto bets

Authorities have been cracking down on illegal gambling.
293 Shares
Share
Tweet
Share
Save

Sponsored Links

Matthew Horwood via Getty Images

Officials in China have busted a World Cup gambling ring that took in over 10 billion yuan (nearly $1.5 billion) in cryptocurrency bets, reports the South China Morning Post. Six individuals allegedly connected to a dark web-based crime syndicate have been arrested and authorities have seized cryptocurrencies found in their possession worth over 10 million yuan. In a statement, police in the Guangdong province said that gambling platform they ran accepted bitcoin, ethereum and litecoin.

The platform reportedly collected bets over the course of eight months, bringing in 330,000 users from around the world. Over 8,000 individuals were named as agents, earning commissions when they attracted new members. While this is apparently the first ring to be busted that used cryptocurrency, authorities in the country have been working to crack down on gambling, which is largely illegal across China. So far, they have reportedly arrested 540 suspects and frozen 260 million yuan (~$39 million) as part of an effort to stem illegal World Cup betting.

Chinese authorities haven't been big fans of cryptocurrencies. The country banned initial coin offerings last year and has been making moves to shut down access to domestic and foreign cryptocurrency exchanges.

All products recommended by Engadget are selected by our editorial team, independent of our parent company. Some of our stories include affiliate links. If you buy something through one of these links, we may earn an affiliate commission.
Comment
Comments
Share
293 Shares
Share
Tweet
Share
Save

Popular on Engadget

The best consoles, games and accessories for students

The best consoles, games and accessories for students

View
Ewan McGregor will play Obi-Wan Kenobi again in a new 'Star Wars' show

Ewan McGregor will play Obi-Wan Kenobi again in a new 'Star Wars' show

View
'Clone Wars' returns on Disney+ in February

'Clone Wars' returns on Disney+ in February

View
Watch the first trailer for Disney's 'The Mandalorian'

Watch the first trailer for Disney's 'The Mandalorian'

View
A first look at Disney+

A first look at Disney+

View

From around the web

Page 1Page 1ear iconeye iconFill 23text filevr