The police in Shandong, China, have cracked a case involving the establishment of a casino using virtual currency, with the involved funds exceeding 10 million yuan

2024-09-23 23:15:49

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ChainCatcher news, according to the report from the Linyi Hedong public account, in early 2023, the Linyi Public Security Bureau Yihe New District Branch discovered an APP suspected of gambling during their work, with a huge flow of funds.

Upon investigation, this APP was developed by Zhao at the behest of the criminal suspect Shi. Shi used his and his family's identities to open multiple fund pool accounts, allowing members to exchange virtual currency for chips within the APP, engaging in online gambling by predicting the rise and fall of virtual currency exchange rates over different time periods. At the same time, Shi recruited people like Cao and Wu with high commissions as bait, promoting the APP everywhere, actively developing agents at all levels, and attracting a large number of members to participate in gambling.

Since 2023, the public security organs of Yihe New District have successively arrested 13 suspects involved in the case, including Shi, and seized over 10 million yuan in related funds. In May 2024, Shi and others were sentenced to fixed-term imprisonment by the people's court in accordance with the law.

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Virtual currency Shandong

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