Chinese cops end a $ 1.5 billion cryptocurrency World Cup gambling ring

Chinese police closed a World Cup gambling hall that contained $ 1.5 billion in cryptocurrencies.

Cops in southeastern Guangdong province arrested six major suspects in the players union. The South China Morning Post reports

The platform was running on the dark web and was only using bitcoin, ethereum and litecoin, the police said in a statement.

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The union managed to register 30,000 users around the world, using 8,000 agents who received commissions to recruit new members – creating a pyramid scheme.

The People's Bank of China banned initial offers of cryptocurrency last September, claiming that there had been too many scams that had "seriously disrupted the economic order and financial "in the country.