In a first for China, an illegal World Cup gambling ring has been busted holding more than $1.5 billion in live bets – all in cryptocurrencies. Six major suspects are in custody.

Nestled in a southern Guangdong province, the syndicate is reported to have themselves been sitting on $1.5 million in cryptocurrency, which was seized by police, alongside half that in yuan, stored in bank accounts – now frozen. Surprisingly, no privacy coins – ones that provide inherent anonymity – were accepted by the platform, just Bitcoin, Ethereum, and Litecoin.

Ballsy, considering the sheer amount of money supposedly flowing through… This story continues at The Next Web Read more from thenextweb.com…

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