Home bitcoin FIFA World Cup Gambling; Police Seize $1.5 million Worth of Crypto

FIFA World Cup Gambling; Police Seize $1.5 million Worth of Crypto

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According to a news report, local police in China has seized more than $1.5 million worth of cryptocurrencies as part of a crackdown on gambling during the 2018 FIFA World Cup.

Xinhua a Chinese state-run media outlet revealed that authorities first noticed the unnamed gambling platform in May following advertisements that claimed it would “accept international recognized cryptocurrencies including bitcoin, ether and litecoin” in order to draw in users.

However when an investigation was carried out, the special investigation team discovered that the site, based abroad, is using a traditional online gambling model coupled with cryptocurrency payments. Xinhua cited “regulatory loopholes” by which the site was able to secure profits by hiding proceeds using those currencies.

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In the past 8 months over 330,000 have used the site, which reportedly saw an estimated transaction volume of at least $1.5 billion.

Now, authorities have arrested six organizers of the site and confiscated $1.5 million worth of cryptocurrencies as well as $750,000 in renminbi deposits from their bank accounts.

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