(Yicai Global) April 26 -- Police in China have cracked the country’s first case of online gambling involving digital currencies. The bets placed through the casino app totaled CNY8 billion (USD1.2 billion).
Police in the city of Yancheng in eastern Jiangsu province uncovered who created the blockchain-based gambling app Biggame, whose 73,000 players from 17 countries and regions wagered 420 million virtual EOS coins, Legal Daily reported yesterday.
Last October, the police started tracking a group of 25 suspects. The gang had opened the virtual casino in June 2018 and pocketed over CNY60 million (USD9.25 million) via commissions.
The police arrested all of the suspects between December and January and seized virtual currencies worth CNY26 million (USD4 million) as well as three houses and a car belonging to them.
The group’s leader had previously run a Guangzhou-based network technology company of about 58 employees. But as the firm got into financial troubles the chief joined hands with some tech staff and another partner to create the app, with a view to making money. They set up Biggame’s research and maintenance operations in Hong Kong.
Editor: Emmi Laine, Xiao Yi