More than 540 people have been arrested in south China for allegedly being involved in online football gambling using Bitcoin. Police in south China’s Guangdong Province reported yesterday that the suspects saw over 10 billion yuan, or around $1.5 billion, worth of Bitcoin being generated. According to a report from Xinhua, 250 online chat groups and 70 websites and apps were shut down. Additionally, computers, bank cards, servers, and mobile phones were taken by police. The suspects are also reported to have been associated with 20 gangs. In May, police noticed that an online gambling platform had started accepting Bitcoin. As a result, the police began an investigation into it. In a statement from police, the platform is thought to have attracted more than 300,000 members in eight months. Police arrested five main individuals involved in the online gambling operation. They were located in the southwest, central, and southern parts of China. They also froze assets amounting to five million yuan. Not only that, but during the FIFA World Cup, 20 more gambling gangs were busted. News of this comes at a time when a man in China was arrested for allegedly conning $15 million worth of Bitcoin out of 50 investors. At the end of last month, it was reported that he had failed to deliver a supply of mining machines he claimed to have. Also in June, Chinese police confiscated 200 computers used to mine cryptocurrencies. The individual involved had attempted to mine for Bitcoin and Ethereum. By doing so, he stole 150,000 kW hours of electricity in more than one month. However, after finding out the daily power bill was 6,000 yuan, or $927, the person then tried to avoid paying for the electricity bill. He did this by short-circuiting the meter. In April, Chinese police seized 600 Bitcoin mining machines following reports of irregular electricity use. Even though there has been a crackdown by authorities in China to stamp out the crypto market, it still remains as popular as ever. Bitcoin is currently trading at $6,178, according to CoinMarketCap. This represents a 3.66 percent drop in the past 24 hours. Yet, even though it’s struggling to gain traction, it remains the best option for investors. That’s according to a Wall Street trader. Yesterday, it was reported that Bart Smith, head of digital asset at trading giant Susquehanna International Group, said Bitcoin has a functional use as people are using it. What are your thoughts on the digital currency? Let us know in the comments below. Images courtesy of Shutterstock.
Police in China’s Guangdong Province have arrested 540 people for online gambling using bitcoin. The authorities said CNY10bnm ($1.5bn) had been generated from betting activity. Authorities also say 20 gambling gangs have been shut down during the FIFA World Cup. Some 250 online chat groups and 70 websites and apps have also been shut down as part of the operation. The move follows the discovery in May of an online platform which had begun accepting bitcoin bets, amassing 300,000 members in eight months.