China ended with illegal cryptocurrency network

On Thursday, China’s police forces confirmed the arrest of more than 540 people who were part of an illegal gambling network in the Asian country.

Those involved in this case made bets on electronic currencies in the FIFA World Cup Russia 2018. According to several sources, the network had about eight months of operation.

To date they had managed to capture some 33 thousand users from different parts of the world, who would have generated revenues of more than one thousand 500 million dollars in bets.

The police deployment took place in the city of Guangdong, where gamblers arrived with the promise of receiving top-ups of funds and withdrawals without limit, through the bitcoin.

“The unauthorized operators of such bets could easily manipulate the odds of the players, which was causing most of them to lose, especially after bets on the quarter-final games,” said the statement by the Chinese authorities.