Police Seize $1.5 Million in FIFA Gambling Crackdown

[JohnBitCo]

What is responsible for this?  Could it be because cryptocurrency and gambling are illegal in China. Or the gambling centers broke other rules?
 
Am surprised cryptocurrency remains popular in China despite the government banning it.

If crypto is ban in china and someone found bitcoin betting happening somewhere, they have right to seize and get control of all the funds.
I do not think that gambling is prohibited in china.

[FIFA worldcup]

The organizers had no luck. 1.5M dollars is one huge money. Probably the organizers run the platform or betting in an illegal manner. This is why it is very important to run a business with business permit from the government so that the assurance of operating the business will be high to which it could build up also the confidence of the user of that said platform.

Good luck on organizers probably they will put to jail and suffer the consequencies.

If they are involved in any illegal business, they should be punished so that other people refrain from starting such scamming activities in future. If the scammers are caught and punished, people will stop the illegal activities.

[Twinkledoe]

The organizers had no luck. 1.5M dollars is one huge money. Probably the organizers run the platform or betting in an illegal manner. This is why it is very important to run a business with business permit from the government so that the assurance of operating the business will be high to which it could build up also the confidence of the user of that said platform.

Good luck on organizers probably they will put to jail and suffer the consequencies.

If they are involved in any illegal business, they should be punished so that other people refrain from starting such scamming activities in future. If the scammers are caught and punished, people will stop the illegal activities.

1.5M is a big amount and Its true, its better those scammer will be punished to stop the illegal activities.

Illegal activities will always be here. If scammers can see the loopholes surrounding the system, they will attack it. They will only stop once they are caught by authorities. But who knows, they can bribe those authorities with huge amount of money to avoid jail time? Most of the time, we don't know the happenings after they are caught. They might be out of jail after few days because they can afford to bail.

[Oilacris]

The organizers had no luck. 1.5M dollars is one huge money. Probably the organizers run the platform or betting in an illegal manner. This is why it is very important to run a business with business permit from the government so that the assurance of operating the business will be high to which it could build up also the confidence of the user of that said platform.

Good luck on organizers probably they will put to jail and suffer the consequencies.

If they are involved in any illegal business, they should be punished so that other people refrain from starting such scamming activities in future. If the scammers are caught and punished, people will stop the illegal activities.

1.5M is a big amount and Its true, its better those scammer will be punished to stop the illegal activities.

Any violation or opposing law do have corresponding punishment attached with it.Any illegal things done will be cracked down and all things being used

 would be seized so theres nothing new here because even this thing doesnt tagged up with crypto or just simply talks about fiat money then as long it violates then its always considered as illegal in all aspects.

[thin]

1.5M is a big amount and Its true, its better those scammer will be punished to stop the illegal activities.

Well, it is not the first time, and certainly not the last time. Everywhere where illegal big money could be made always be some illegal activity. The function of the state is to find and punish it

[STT]

It's huge money though.

1.5 m currency and 1.5 billion person, it would appear to be a tiny amount by most basic standards.   They'd need a bust like this every day to have said to be altering the market really much at all.    Its part of history now that USSR empire every day banned use of dollar for trading and every dollar was used in the black market to great effect.   Some might have starved if they had no access to the free market at all, I imagine its not that much different in China now.

[Nellayar]

The police officials of China seize down a 1.5 million dollars worth of crypto that is a part of the gambling crackdown last year in 2018 FIFA World Cup. The cryptocurrencies are recognized as bitcoin, ethereum and litecoin.

The officials arrested the organizers of the event and seize the 1.5 million dollars of crypto and 750 thousand dollars of renminbi in banks.
It's huge money though.

source: https://www.coindesk.com/police-seize-1-5-million-in-crypto-during-fifa-gambling-crackdown

I always expect this kind of news. It is normal in the world. Watching how they seize the money is normal specially if it is really illegal. In my country, there are many cases like that. Police raided illegal online gambling and betting site. However, in our scenario most of the criminals are foreigners.
That is a huge amount of money, I just don't know if clients will be compensated. Will they?

[Dreamchaser21]

1.5M is a big amount and Its true, its better those scammer will be punished to stop the illegal activities.

Well, it is not the first time, and certainly not the last time. Everywhere where illegal big money could be made always be some illegal activity. The function of the state is to find and punish it

This is just a small amount of money if you compare this into other illegal gambling, we know that there’s a lot of black market around us and the job of the agencies is to find them and put them on jail. If its done on cryptomarket, it will be hard to find them. FIFA is a huge event, they just take that as advantage but failed to work secretly.

[TheRealAwesome31312]

Absolutely outrageous. The state is always finding excuses to steal from the people :@

[maydna]

Yes, that is a huge money they can get from them. But I don't think that it will stop gambling games because people could still play gambling from another country. I believe in the future, there will be another story like that and we will see bigger money than this which is using for gambling. I hope that people are not judging cryptocurrency for being used for gambling games. We could still use cryptocurrency for good things, and people will see that.

[onrise]

What is responsible for this?  Could it be because cryptocurrency and gambling are illegal in China. Or the gambling centers broke other rules?
 
Am surprised cryptocurrency remains popular in China despite the government banning it.

This is really a worry for China government that inspite of a ban still people are using and very popular among the youth of the country. They would either have to frame laws so that they can use it or curb so that it is out form that country. It is quite shocking to read it.