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Chinese authorities arrested six suspects behind a World Cup gambling hall that was hosting more than 10 billion yuan – or $ 1.5 billion – in cryptocurrency betting, according to a statement released yesterday by the police department of Guangdong Province.
The players union ran on the black web, accepting bets in the form of bitcoin, ethereum and litecoin for eight months before being apprehended. It has attracted more than 300,000 players from different countries, and 8,000 "agents" who have earned commissions to recruit new members through a pyramid-like system, according to South China Morning Post .
The game of the World Cup is great around the world – but China has severely repressed the game. Most forms of gambling are illegal in most of the country, apart from two officially sanctioned lotteries.
The bust that shot down the dark web syndicate was part of China's biggest plans to stem criminal activity – although it was the first to involve cryptocurrency, according to the application of Guangdong law. Up to now, they have arrested 540 suspects and have frozen more than 260 million yuan as part of their efforts.
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