Crypto Football Betting Rig Foiled in China
Main page News, Cryptocurrency, China
Hot topic
July 13, 2018
76 76

As the 2018 FIFA World Cup in Russia is coming to its spectacular ending, the gambling world is in its tiptoes eagerly awaiting a battle between this years tournaments best teams. But this was not good news for some as in the Chinese province of Guangdong, as $1.5 billion in crypto was seized and 540 people were arrested for gambling related activities.

They are said to have organized an online platform for gambling during the FIFA World Cup and according to Chinese law, online gambling is prohibited. The investigation has began in May, when the police noticed an online gambling platform that hosted a virtual currency..

Organizers managed to earn about $1.5 billion (10 billion yuan) in cryptocurrencies Bitcoin, Ethereum and Litecoin. The platform operated for around 8 months, including during the FIFA World Cup, and attracted more than 330,000 participants.

Organizers are also accused of creating an investment pyramid as they promised regular users bonuses for attracting new players. Moreover, bookmakers manipulated the odds in accordance with the number of bets in order to reduce the chances of winning.

Football and Crypto: Who (and What) Connects the Two Worlds?

By the way, earlier Insider.Pro conducted a study on how the world of football and the world of crypto are connected. In light of the 2018 FIFA World Cup in Russia, check out a link here.

By Ekaterina Ulyanova

Read also:
Please describe the error