Chinese police arrested 15 people for their involvement in an online gambling operation built on the EOS blockchain network
Chinese police arrested 15 people for their involvement inwards an online gambling procedure reinforced on the EOS blockchain network. Among those arrested are the developers of the illegal political platform titled Biggame. Police also seized o'er $3.8 meg inward EOS and BTC, reported CoinGeek.
The gambling platform was reportedly founded inward 2018 and earned around $10m for its operators. The law revealed it was the first-class honours degree pillow slip inward Communist China where criminals used smartness contracts to run illegal business.
The operation was conducted in Yancheng city, inwards Jiangsu province, with constabulary starting the investigating inward October 2020. Police reportedly analysed millions of transactions and gained 26 smartness contract bridge addresses, used for betting and prize distribution, that were associated with the Biggame gaming platform. Police conducted raids in December 2020, focusing on major cities where operators were said to reside. The Yancheng constabulary previously broke upward a digital currency scam called PlusToken and seized $4.2bn worth of virtual coins, including BTC, Ether and EOS.
Online gaming is illegal in PRC and play platforms like Biggame are beingness used to access code the market, and digital currency makes transactions easier. However, since Red China launched its banning on cross-border gambling, monitoring against illegal activities increased.
The governing also introduced virtual yuan, a blockchain-powered digital currency controlled by China’s exchange bank, which would tolerate authorities to describe the social movement of money. The currency testament also live split from the planetary financial system. Some professionals inward the play industry are interested that the unveiling of digital kwai could negatively wallop junket operations, but experts say it’s still too betimes for predictions, as the currency is only usable at a special capacity.
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