CyberNews BriefsOrganized Crime & Gangs

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. 

Source: PRC busts $1.5b World Cup Bitcoin gambling pyramid scheme | Asia Times

OODA Analyst

OODA Analyst

OODA is comprised of a unique team of international experts capable of providing advanced intelligence and analysis, strategy and planning support, risk and threat management, training, decision support, crisis response, and security services to global corporations and governments.