According to the Guangdong (formerly Canton, South China) police department website, the police has caught an online betting online platform of over RMB 10 billion ($1.5 billion) worth of cryptocurrency.
Apart from few the state lotteries exceptions, sport gambling services are illegal in the country.
With the craze of the football World Cup, illegal bets are booming.
Other gambling sites business models are based on a multilayered pyramid-scheme that encourages agents to bring in members which can increase commission and membership fee gains and to acquire more cryptocurrency to hedge the platform’s loss risks by leveraging coin prices and other crypto-financial features.
It has attracted in 8 months 8,000 agents and 330,000 members and 611 digital wallets worldwide.
Since the beginning of the World Cup, more than $48 million (CNY320 million) were reported to be caught by Beijing police.
The football gambling business was using the famous message application WeChat.
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