Chinese police officers have confiscated nearly million in various cryptocurrencies after a raid against several developers that operated a decentralized gambling app built on the EOS blockchain. .8 Million in Crypto Seized After receiving tips of suspected illegal activity involving the developers of the dApp called Biggame, the Jiangsu police department opened an investigation. Ultimately, this led to the arrest of 15 people. During the raid, the authorities found and seized 1.3 million units of EOS and BTC. Converted in fiat currencies, this amount equals 26 million yuan or .8 million. According to the report, this is the first criminal case the police solved in connection with illegal online gambling inside China. The dApp’s structure allowed it to attract
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Chinese police officers have confiscated nearly $4 million in various cryptocurrencies after a raid against several developers that operated a decentralized gambling app built on the EOS blockchain.
$3.8 Million in Crypto Seized
After receiving tips of suspected illegal activity involving the developers of the dApp called Biggame, the Jiangsu police department opened an investigation. Ultimately, this led to the arrest of 15 people.
During the raid, the authorities found and seized 1.3 million units of EOS and BTC. Converted in fiat currencies, this amount equals 26 million yuan or $3.8 million.
According to the report, this is the first criminal case the police solved in connection with illegal online gambling inside China.
The dApp’s structure allowed it to attract players to games such as Dice and Texas Hold’em. The customers placed their bets using EOS smart contracts.
The Chinese officials reported that in the period between June 2018 and December 2020, the group behind the dApp allegedly gained profits from the operations with crypto assets worth 60 million yuan or about $10 million.
It’s not the first time Chinese police go after fraud related to blockchain-based applications and platforms. As reported last year, the authorities arrested 109 people connected with the cryptocurrency pyramid scheme PlusToken. The well-known Ponzi scheme has defrauded investors of more than $5.7 billion.
”Internet Cleansing Movement”
The biggest economy in Asia – China – appears to be one of the leading countries regarding cryptocurrency mining and distribution but has also had tons of experience with illicit activities coming within its borders.
The arrest in Jiangsu highlights the Chinese law enforcement’s goal to neutralize any illegal online activities – from gambling and telecommunication fraud to money laundering. The mission was referred to as ”Internet cleansing movement.”
Furthermore, the end of last year saw an increasing number of court rulings in this field. According to the officials, nearly 100 individuals have been convicted for laundering money via crypto deals that involved more than $30 million worth of the most widely utilized stablecoin – Tether (USDT).