Published on July 13th, 2018 | by bitcoin0
FIFA Gambling Crackdown as Police Seize $1.5 Million in Crypto
Local police officials in China seized more than $1.5 million worth of cryptocurrencies as part of a crackdown on gambling during the 2018 FIFA World Cup.
An investigation was launched soon after, according to the outlet.
The special investigation team discovered that the site, based overseas, utilized a traditional online gambling model coupled with cryptocurrency payments.
Xinhua cited “regulatory loopholes” by which the site was able to secure profits by hiding proceeds using those currencies.
Now, authorities have arrested six organizers of the site and confiscated $1.5 million worth of cryptocurrencies as well as $750,000 in renminbi deposits from their bank accounts.