China busts $1.5 billion World Cup Bitcoin gambling pyramid scheme
Chinese authorities made 540 arrests and froze or seized millions in assets and cryptocurrency as part of a crackdown on a massive illegal gambling operation centered around soccer. The gambling scheme used 70 mobile apps/websites and boasted 330,000 members, recruited by 20 different participating gangs in the past 8 months. The platform both accepted and made payouts using Bitcoin, Ether, and Litecoin. The crackdown is part of a larger “Online Clean and Secure” campaign targeting illegal online gambling in China.