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Local police authorities in China have seized more than $ 1.5 million worth of cryptocurrencies as part of a crackdown on gambling during the 2018 FIFA World Cup. [19659002] gaming platform in May following advertisements that claimed that it "would accept internationally recognized cryptocurrencies, including bitcoin, ether and litecoin" in order to attract users. An investigation was launched soon after, depending on the point of sale.
The special investigation team discovered that the site, based abroad, was 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 the proceeds using these currencies.
In total, over 33 months, some 333,000 users used the site, which would have seen an estimated transaction volume. at least $ 1.5 billion.
Authorities arrested six organizers of the site and confiscated $ 1.5 million in cryptocurrencies and $ 750,000 in renminbi deposits on their bank accounts.
A spokesman for the Guangdong Province Police Department said that continue to work to "maintain a very focused attention" on the fight against online football game and advised football fans to watch the matches "rationally and consciously."
World Cup Image via Shutterstock
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