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…

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