Police Seize $1.5 Million in FIFA Gambling Crackdown

onrise

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Quote from: Ucy on July 02, 2019, 03:34:53 PM

What is responsible for this? Could it be because cryptocurrency and gambling are illegal in China. Or the gambling centers broke other rules?

Am surprised cryptocurrency remains popular in China despite the government banning it.

This is really a worry for China government that inspite of a ban still people are using and very popular among the youth of the country. They would either have to frame laws so that they can use it or curb so that it is out form that country. It is quite shocking to read it.

maydna

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Yes, that is a huge money they can get from them. But I don't think that it will stop gambling games because people could still play gambling from another country. I believe in the future, there will be another story like that and we will see bigger money than this which is using for gambling. I hope that people are not judging cryptocurrency for being used for gambling games. We could still use cryptocurrency for good things, and people will see that.

TheRealAwesome31312

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Absolutely outrageous. The state is always finding excuses to steal from the people :@

Dreamchaser21

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Quote from: thin on July 16, 2019, 09:17:09 AM

Quote from: ?? on ??

1.5M is a big amount and Its true, its better those scammer will be punished to stop the illegal activities.

Well, it is not the first time, and certainly not the last time. Everywhere where illegal big money could be made always be some illegal activity. The function of the state is to find and punish it

This is just a small amount of money if you compare this into other illegal gambling, we know that there’s a lot of black market around us and the job of the agencies is to find them and put them on jail. If its done on cryptomarket, it will be hard to find them. FIFA is a huge event, they just take that as advantage but failed to work secretly.

Nellayar

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Quote from: finaleshot2016 on June 30, 2019, 05:22:09 AM

The police officials of China seize down a 1.5 million dollars worth of crypto that is a part of the gambling crackdown last year in 2018 FIFA World Cup. The cryptocurrencies are recognized as bitcoin, ethereum and litecoin.

The officials arrested the organizers of the event and seize the 1.5 million dollars of crypto and 750 thousand dollars of renminbi in banks.
It's huge money though.

source: https://www.coindesk.com/police-seize-1-5-million-in-crypto-during-fifa-gambling-crackdown

I always expect this kind of news. It is normal in the world. Watching how they seize the money is normal specially if it is really illegal. In my country, there are many cases like that. Police raided illegal online gambling and betting site. However, in our scenario most of the criminals are foreigners.
That is a huge amount of money, I just don't know if clients will be compensated. Will they?

STT

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Quote

It's huge money though.

1.5 m currency and 1.5 billion person, it would appear to be a tiny amount by most basic standards. They'd need a bust like this every day to have said to be altering the market really much at all. Its part of history now that USSR empire every day banned use of dollar for trading and every dollar was used in the black market to great effect. Some might have starved if they had no access to the free market at all, I imagine its not that much different in China now.

thin

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Quote from: ?? on ??

1.5M is a big amount and Its true, its better those scammer will be punished to stop the illegal activities.

Well, it is not the first time, and certainly not the last time. Everywhere where illegal big money could be made always be some illegal activity. The function of the state is to find and punish it

Oilacris

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Quote from: FIFA worldcup on July 14, 2019, 11:26:41 AM

Quote from: jademaxsuy on July 14, 2019, 09:44:29 AM

The organizers had no luck. 1.5M dollars is one huge money. Probably the organizers run the platform or betting in an illegal manner. This is why it is very important to run a business with business permit from the government so that the assurance of operating the business will be high to which it could build up also the confidence of the user of that said platform.

Good luck on organizers probably they will put to jail and suffer the consequencies.

If they are involved in any illegal business, they should be punished so that other people refrain from starting such scamming activities in future. If the scammers are caught and punished, people will stop the illegal activities.

1.5M is a big amount and Its true, its better those scammer will be punished to stop the illegal activities.

Any violation or opposing law do have corresponding punishment attached with it.Any illegal things done will be cracked down and all things being used

would be seized so theres nothing new here because even this thing doesnt tagged up with crypto or just simply talks about fiat money then as long it violates then its always considered as illegal in all aspects.

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Quote from: ?? on ??

Quote from: FIFA worldcup on July 14, 2019, 11:26:41 AM

Quote from: jademaxsuy on July 14, 2019, 09:44:29 AM

The organizers had no luck. 1.5M dollars is one huge money. Probably the organizers run the platform or betting in an illegal manner. This is why it is very important to run a business with business permit from the government so that the assurance of operating the business will be high to which it could build up also the confidence of the user of that said platform.

Good luck on organizers probably they will put to jail and suffer the consequencies.

If they are involved in any illegal business, they should be punished so that other people refrain from starting such scamming activities in future. If the scammers are caught and punished, people will stop the illegal activities.

1.5M is a big amount and Its true, its better those scammer will be punished to stop the illegal activities.

Illegal activities will always be here. If scammers can see the loopholes surrounding the system, they will attack it. They will only stop once they are caught by authorities. But who knows, they can bribe those authorities with huge amount of money to avoid jail time? Most of the time, we don't know the happenings after they are caught. They might be out of jail after few days because they can afford to bail.

FIFA worldcup

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Quote from: jademaxsuy on July 14, 2019, 09:44:29 AM

The organizers had no luck. 1.5M dollars is one huge money. Probably the organizers run the platform or betting in an illegal manner. This is why it is very important to run a business with business permit from the government so that the assurance of operating the business will be high to which it could build up also the confidence of the user of that said platform.

Good luck on organizers probably they will put to jail and suffer the consequencies.

If they are involved in any illegal business, they should be punished so that other people refrain from starting such scamming activities in future. If the scammers are caught and punished, people will stop the illegal activities.

JohnBitCo

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Quote from: Ucy on July 02, 2019, 03:34:53 PM

What is responsible for this? Could it be because cryptocurrency and gambling are illegal in China. Or the gambling centers broke other rules?

Am surprised cryptocurrency remains popular in China despite the government banning it.

If crypto is ban in china and someone found bitcoin betting happening somewhere, they have right to seize and get control of all the funds.
I do not think that gambling is prohibited in china.

jademaxsuy

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The organizers had no luck. 1.5M dollars is one huge money. Probably the organizers run the platform or betting in an illegal manner. This is why it is very important to run a business with business permit from the government so that the assurance of operating the business will be high to which it could build up also the confidence of the user of that said platform.

Good luck on organizers probably they will put to jail and suffer the consequencies.

Ucy

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What is responsible for this? Could it be because cryptocurrency and gambling are illegal in China. Or the gambling centers broke other rules?

Am surprised cryptocurrency remains popular in China despite the government banning it.

Oceat

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Quote from: DeathAngel on July 02, 2019, 08:01:33 AM

I don’t think this is a surprise. FIFA are corrupt from the very top, down. There are always stories of officials getting caught for being corrupt. It’s the same in all sports though & probably in all walks of life. Where there is money there is deceit, lies & corruption.

Nothing's new when talking about a bigger bag of monies, there is always a corruption everywhere not just in bigger companies but also in a smaller one. No matter what we do as long as the money walk the talks there are people who are willing to take it despite talking about their dignity.

DeathAngel

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I don’t think this is a surprise. FIFA are corrupt from the very top, down. There are always stories of officials getting caught for being corrupt. It’s the same in all sports though & probably in all walks of life. Where there is money there is deceit, lies & corruption.

mobnepal

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Quote from: leea-1334 on July 01, 2019, 06:16:31 AM

Bookies are big, odds are crazy and they take such big amounts that online bookies cannot compete. Governments should try and tax these bets instead of making them illegal, do you agree?

Yes specially in Asian countries craze over soccer and cricket is huge which also create urge of betting on those games either to have some fun or make some money not millions in most of the cases. It used to be quite easier for people from Asian countries to bet on games through sportsbook that accepts crypto and you could bet anonymously but with increasing KYC and AML policies placed in licensed crypto casino remaining anonymous is really hard nowadays. I still remember old days when I used to bet a lot using directbet which is no more online Angry

I agree on taxing online gambling rather than making it illegal.

crwth

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That's a lot of money to have — poor people who invested and tried to gamble with their money. I'm researching on what and how they could be doing it, but I haven't seen much. They have it unnamed, but 330K people are registered on that particular website, what could that be? I had some google translation done and have seen that there are numerous gangs, people, and 70 applications that are somehow connected to that gambling platform. It's wrong to do something out of the jurisdiction or something.

FIFA is a big sport to bet on. Might as well make it on a legal gambling site.

hulla

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Quote from: FanEagle on July 02, 2019, 01:15:03 AM

I guess it is never too little, you get 1.5 million here and 1.5 million there and suddenly people stop gambling in illegal places.

A crackdown of 1.5 million dollars is not 1.5 million dollars, its all future bets as well, all the potential customers lost as well, a person that could have made tens of millions of dollars via running illegal gambling suddenly lost all of that in a crackdown.

However, most of the time these places pay the cops so they stay away from them, there are tons of this all around the world and they all have someone in the police world they know and pay to make them go away, if you deny to pay them then this happens and you lose your business. If you want to keep doing this you just have to pay the right people and since you make enough money then you can afford it as well.

You definitely make a good point and your statement explained the possible reason why the alleged fund which was said to be over 1 billion turns out to be 1.5 million were recovered. But, sooner or later the reason why the fund recovered was incomplete will come to light.

Shinpako09

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Quote from: BitBustah on June 30, 2019, 09:49:15 PM

Just repeating what a few others have already said, $1.5 millions is a laughable amount. We are talking about an industry that pulls in tens of billions yearly. Also I'm sure there was more money but the officials kept some for themselves. We all know how corrupt authorities are.

That's considered as penny compared on what the operators got and maybe the authority as well. Also, it's not actually surprising to see some news that crypto is being used illegally. As if, governments and crypto user isn't aware of it. Sure they are for how many years that's why other countries doesn't want btc.

FanEagle

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I guess it is never too little, you get 1.5 million here and 1.5 million there and suddenly people stop gambling in illegal places.

A crackdown of 1.5 million dollars is not 1.5 million dollars, its all future bets as well, all the potential customers lost as well, a person that could have made tens of millions of dollars via running illegal gambling suddenly lost all of that in a crackdown.

However, most of the time these places pay the cops so they stay away from them, there are tons of this all around the world and they all have someone in the police world they know and pay to make them go away, if you deny to pay them then this happens and you lose your business. If you want to keep doing this you just have to pay the right people and since you make enough money then you can afford it as well.

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