Taiwanese authorisation have busted what they said was one of the world ’s largest on-line betting operations involve cryptocurrency , with over $ 1.5 billion in illicit bets allegedly on the job .
The gambling platform ran on the so - predict dark web , which is n’t index by traditional search engines , and only accepted cryptocurrencies such as bitcoin , ethereum , and litecoin , harmonize to Guangdong constabulary . During the eight months of the gambling political platform ’s operation , the site attracted 330,000 registered users from numerous nation , and build an regular army of over 8,000 agents who garner committal for recruiting new extremity through a pyramid dodging , the police said .
The gambling consortium “ used the loophole that virtual currentness is not in effect regulate in our res publica ” to make immense profit , said the police force statement .
While the ring was allegedly worth $ 1.5 billion , the take in the bust pales in compare to others involving hard currentness in the province . Chinese authority also cracked down on World Cup bet in Guandong , cop 540 and freezing 260 million yuan ( $ 39 million ) in assets , the Post publish .
The Chinese politics has long sought to clamp down on cryptocurrency , which it take in as a potential manner for citizen to evade the authority of the land ( particularly tax collectors ) and thus a potential threat to its power . In 2017 , regulators rate the closure ofall cryptocurrency exchanges , causing a crash in what was formerly the biggest exchange market on the satellite . It later went even further , launching a crackdownon “ on-line platforms and apps that offer interchange - corresponding service ” earlier this yr . China also declared aban on initial coin offerings , a complicated var. of investing fomite in which investors receive digital tokens rather than traditional securities .
After these metre proved partly ineffective , the Post wrote , China took one step further and clamped down on domesticated access to foreign exchanges and ICOs in February 2018 .
[ South China Morning Post ]
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