Cryptocurrency loopholes in China have been used to fuel illegal gambling on the FIFA World Cup…
As this year’s FIFA World Cup draws to a close – the final, between Croatia and France, takes place on Sunday – news emerges of a gambling crackdown on the tournament in China, that’s led to the seizing over $1.5m of cryptocurrency.
The specific gambling platform in question isn’t being named, but two months ago, the unnamed outlet advertised that it would accept cryptocurrencies such as Bitcoin, Ether and Litecoin from those who wanted to bet on the World Cup.
As such, the platform – that was built outside of China – was investigated by Chinese authorities, who estimate that in all, over 300,000 people used the site, and that $1.5bn of transactions took place. It had been using virtual currency regulatory loopholes to run the operation.
The aforementioned Chinese authorities have made six arrests in relation to it, with $1.5m in cryptocurrency confiscated as part of its clampdown.
The full report at Chinese news agency Xinhuanet can be found here.