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![Chinese police in the city of Guangdong have arrested hundreds of individuals involved in online gambling platforms that facilitated betting with $1.5 billion in cryptocurrencies including bitcoin. A sweeping law enforcement operation involving 21 public security authorities in Guangdong has cracked down on organized football gambling during the ongoing football World Cup, resulting in the arrests of some 540 individuals suspected of organizing online gambling rings. Gambling is illegal under Chinese law and the very act of participating in online gambling or facilitating/opening a gambling platform brings criminal liabilities. In an announcement, the Guangdong Provincial Public Security Department narrowed down on a specific unnamed online gambling platform that facilitated over RMB 10 billion ($1.5 billion) in cryptocurrency betting. The gambling platform promised support for betting in Bitcoin, Ethereum’s Ether token and Litecoin, the announcement said. In the 8 months since its launch, the gambling platform attracted over 330,000 members. Authorities accused the platform of amassing profits through a pyramid scheme that encourages members, or ‘agents’, to bring in others to raise their own commissions. Further, the bookmaker also allegedly manipulated the online betting odds in proportion to the size of the bets to allow a small number of people to win, authorities claimed. Authorities have also arrested ‘six key members’ behind the gambling platform across China, frozen assets of over RMB 5 million and confiscated cryptocurrency worth over RMB 10 million (approx. $1.5 million). Severs, computers, smartphones and bank cards were also seized during the crackdown which has seen authorities shut down seventy mobile apps and websites alongside 250 online chat groups overall. “[This case] is the most representative [example] of a new form of online football gambling,” the Guangdong authority added. Meanwhile, the World Cup final is due to be contested between France and Croatia, the latter the underdog, this Sunday. Odds?](https://walesexpress.com/wp-content/uploads/2018/07/security-cryptocurrencies-ico-red-card-regulation-stop-760x400-696x385.jpg "World Cup: Chinese Police Crack Down on $1.5 Billion Bitcoin Gambling Ring")
Chinese police in the city of Guangdong have arrested hundreds of individuals involved in online gambling platforms that facilitated betting with $1.5 billion in cryptocurrencies including bitcoin.
A sweeping law enforcement operation involving 21 public security authorities in Guangdong has...
'$1 million BTC is a discount to where Bitcoin could eventually go'
Guest(s): James Altucher Managing Director, Formula Capital
Best-selling author and former hedge fund manager James Altucher is not backing down from his $1-million-dollar bitcoin call that he boldly made back...
Forecast: Is Ethereum To Outperform Bitcoin In 2018?
Bitcoin, as predicted, has failed to hold gains above $16,500 with sellers pushing the leading cryptocurrency back down below $15,000. On US exchange Coinbase, bitcoin is currently trading at $14,800.
Adding to bitcoin's...
Official: Japanese Cryptocurrency Exchange Hacked, $530 Million NEM Missing
According to major Japanese cryptocurrency exchange CoinCheck executives, more than $530 million worth of NEM has been stolen from the trading platform.
MineCC, a Japan-based cryptocurrency analyst, reported that during an official...
Lloyds Bank in Bitcoin crackdown: credit card owners banned from buying cryptocurrency
https://www.youtube.com/watch?v=FbSNb2U_zu0
Britain's biggest bank has become the first to announce a ban on customers using credit cards to buy Bitcoin amid fears they could run up huge losses.
Lloyds Banking Group will on Monday...
Bitcoin Transaction Fees are Dropping to $1, Can This be Sustained Long-Term?
Over the past few days, bitcoin transaction fees have dropped to around $1 for median-size payments, even though the bitcoin mempool size has remained relatively high at above...
Twitter's Jack Dorsey reveals how and why Square invested $50 million into a block of nearly 5,000 bitcoins.
Twitter CEO Jack Dorsey shared how and why digital payments company Square bought 4,709 bitcoins for $50 million...
HUGE Litecoin announcement – ‘gamechanger’ LitePay to launch in days.
LITECOIN, one of the world’s leading crypto-currencies, is poised for massive gains this week on the back of a ‘game-changing’ announcement. The peer-to-peer crypto has been in the doldrums for...
ECB President: EU Banks Show 'Limited Appetite' for Cryptocurrencies
https://www.youtube.com/watch?v=_jTqVtvS2yo
The European Central Bank (ECB) said that financial institutions in the European Union do not appear to be as enthusiastic about cryptocurrencies as the public.
In a European Parliament meeting on Feb....
