Dark Web’s World Cup Gambling Ring Seized by Chinese Police
July 16, 2018 10:20 am
Chinese officials have shut down an online gambling ring on Thursday. The bets made on the matches used cryptocurrencies that included Bitcoin, Litecoin, and Ethereum. Over $1.5 billion had been accumulated through this scheme. Rather than betting, this scam allowed recruiters to profit off other members.
The official statement by The South China Morning Post brought light to this development. Six people were detained.
The website run by this gambling ring used untraceable search engines, attracting up to 300,00 users in eight months. This is a serious development as it is reported to be one of the first cryptocurrency crimes that involved a major sporting event.
World Cup gambling is one of the most anticipated opportunities for gamblers to earn big. The country has outlawed most types of gambling with exception of a couple of lotteries that are managed by the State.
This move was part of a larger plan as China look to curb criminal activity. The police have arrested 540 suspects and frozen over 260 million Yuan since the crackdown began. It is believed that 8,000 ‘agents’ have profited from this scheme.