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Author Topic: {12-07-2018] $1.5 Billion Bitcoin World Cup Betting Bust by Police in China  (Read 49 times)
bitzamp.com
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July 12, 2018, 11:54:45 AM
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As the ongoing football World Cup draws to a close, Police in China has uncovered an illegal bitcoin gambling ring.

Authorities in the Chinese province of Guangdong announced the arrest of 540 people involved in an illegal online football gambling operation who accumulated 10 billion RMB ($1.5 billion) from more than 330,000 customers who mainly used Bitcoin as a gambling currency in wagered bets on football.

Gambling is illegal under Chinese law and the very act of participating in online gambling or facilitating/opening a gambling platform brings criminal liabilities.

Police noticed the illegal gambling gang in May, and the operation had been active for eight months, during which the betting platform attracted over 330,000 members from several countries and regions.

The gambling platform promised support for betting in Bitcoin, Ethereum’s Ether token and Litecoin, the announcement said. Authorities accused the platform of amassing profits through a pyramid scheme that encourages members, or ‘agents’, to bring in others to raise their own commissions.

Read More: https://news.bitzamp.com/1-5-billion-bitcoin-world-cup-betting-bust-by-police-in-china/
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July 12, 2018, 10:48:46 PM
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Not even with the world cup the Chinese do not stop from chasing bitcoin, this news is for them to say that bitcoin is used to commit crimes and that's why they are against bitcoin and that the world should be against bitcoin, obviously with the shady politics of china, bitcoin would not be welcome in china. It is very sad these Chinese want to accuse bitcoin of malefic things when they better than anyone in this world know that it is not blame bitcoin, but it is the fault of people who use bitcoin for malefic purposes, in the same way that these same Chinese destroy countries of other people and destroying forests because they want timber.

bitzamp.com
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July 13, 2018, 08:45:47 AM
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Thats it but if they don't want bitcoin should they use it illegally? They should sanction it in their own country and allow others to use it
buwaytress
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July 13, 2018, 12:57:35 PM
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Not even with the world cup the Chinese do not stop from chasing bitcoin, this news is for them to say that bitcoin is used to commit crimes and that's why they are against bitcoin and that the world should be against bitcoin, obviously with the shady politics of china, bitcoin would not be welcome in china. It is very sad these Chinese want to accuse bitcoin of malefic things when they better than anyone in this world know that it is not blame bitcoin, but it is the fault of people who use bitcoin for malefic purposes, in the same way that these same Chinese destroy countries of other people and destroying forests because they want timber.

Chinese aren't chasing Bitcoin in this matter, not is Bitcoin used to commit crime. The crime would be committed, whether or not Bitcoin existed. Bitcoin's simply the means to facilitate their transactions, and they're probably not choosing Bitcoin because it's better than fiat or because it's better than any alternative. They're using it because the blackmarket bookies are accepting it.

If the same bookies only accepted cash, does this mean cash is used to commit crime?

Thats it but if they don't want bitcoin should they use it illegally? They should sanction it in their own country and allow others to use it

You're missing the point...

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July 13, 2018, 07:09:27 PM
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Not even with the world cup the Chinese do not stop from chasing bitcoin,

Common, they didn't chase BTC.
Betting is illegal in China and they don't mess around arresting people for it, even if they are foreigners or go even going after poker apps.

It is very sad these Chinese want to accuse bitcoin of malefic things when they better than anyone in this world know that it is not blame bitcoin, but it is the fault of people who use bitcoin for malefic purposes, in the same way that these same Chinese destroy countries of other people and destroying forests because they want timber.

If they would really want to accuse bitcoin of something they would do it with a law in 5 seconds, banning for real this time usage or possession of BTC. Do you think that there is something stopping them if they would want to do it? No!!!
And it is clear they went after the ones doing the betting by arresting them, exactly what you've said, arrest the people who use bitcoin for the malefic purpose.

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July 13, 2018, 07:50:36 PM
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Another negative impressions would able to generate to this one when it comes to Bitcoins name or simply its reputation specially for those people who dont have much idea on what is bitcoin.
This kind of illegal doings doesnt only exist on a particular country but on most part of the world on where if theres such kind of prohibition there would be always people who would break it but for now they do make use by means of bitcoin not fiat.I understand why they do use it due to various and common reason like anonymity and accessibility on putting up bets without any hassle into its players and now we do see another involvement of bitcoin which isnt really a surprising thing for it to be used but expect on what would be the insights of those people outside.

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darkangel11
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July 13, 2018, 08:11:59 PM
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What a great country of freedoms China is. You are not allowed to buy cryptocurrencies, so they are telling you what to buy, you are not allowed to move your money out of the country, you are not allowed to gamble, to mine cryptocurrencies, and convicts are executed in public, for all people to see. They should set up big screens displaying "eat! work! sleep! pay taxes! obey!" all day long, so that the slaves don't forget.
richardsNY
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July 13, 2018, 10:03:25 PM
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It doesn't even matter whether or not it is about Bitcoin, operating an unlicensed betting platform is illegal by default in any country, and that's reason enough for authorities to jump in. Yobit is an unlicensed platfom as well, and thus operating illegally -- no one would lose a second sleep over them being shut down, so why do people get upset about this gambling operation being shut down? I don't think the authorities in this case can be blamed for what they did. It's their job to chase down illegal operations. The mainstream media just likes to highlight the crypto aspect, nothing new....
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