The police have nabbed over 540 suspects in the Guangdong Province of China for running illegal online football gambling using Bitcoin. It is estimated that the racket deals with more than 10 billion yuan (1.5 billion U.S. dollars) of money through betting.
There were 20 gangs, 70 mobile apps and 250 online chat groups involved in the racket. All these have been shut down and servers, computers, cellphones and bank cards have been confiscated.
Police noticed an online gambling platform that accepted bitcoin in May and launched an investigation. The platform accumulated 330,000 members in eight months.
Police arrested six key members in southwest, central and southern China, froze assets of over 5 million yuan, and confiscated virtual currency worth over 10 million yuan.
Another 20 more gambling gangs have been busted during the World Cup.
Source: xinhuanet.com
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