China fights against crypto gambling game
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The police in China succeeded successfully to proceed against a forbidden crypto gambling app. According to the authorities, around 15 suspects were arrested, who are said to have been involved in the “Biggame” gaming app. This had been a thorn in the side of the Chinese government for a long time, since it is said to have offered different forms of online gambling without legal powers. The payment transfer was preferably flowed by crypto money. The Chinese police have succeeded in confiscating the equivalent of $ 3.8 million.
Payments by EOS
According to the Chinese authorities, the 15 suspects are said to have operated on the metropolis of Yanscheng, which is located north of Shanghai, and coordinated the “Biggame” gambling app under the radar of the law enforcement officers. They are accused of Operated and offered illegal online gambling play. Specifically, it is about poker, cubes and other casino games. Since gambling content in China is almost without exception prohibited, the operators are said to have deliberately violated the applicable legal framework.
The most recent breakthrough goes back to several months of investigations. It is not until October 2020 that the police are said to have managed to find out the first helpful information about the operators. In the following time, “Biggame” was intensively monitored by the officials. However, the educational work would have turned out to be extremely complicated, since all payment transactions of the gambling app were handled through cryptocurrencies. Preferably, EOS is said to have been used, but Bitcoin was also used.
Cryptocurrencies. Cryptocurrencies are digital currencies that can be exchanged and traded like any conventional currency form. However, the big difference is the decentralized regulation of the individual currency types. EOS, Bitcoin and Co. are not responsible for checking financial institutions. This may be a great advantage on the one hand, but also has a high risk on the other. Due to the inconsistent regulation, many cryptocurrencies are sometimes exposed to drastic fluctuations in value, which often makes market capitalization more difficult.
Overall, the Chinese police have in the course of the investigation Around 27 million financial transactions with cryptocurrencies registered. After evaluating the collected data, it was finally possible to combine the course of the immense payment transactions to several nodes. In the course of this, 26 digital addresses had been filtered out. The officials would have led them directly to “Biggame” and the illegal operators.
Cryptocurrencies on the advance
Despite the investigation breakthrough, the Chinese police were only able to scratch the surface. The seized crypto money amount only corresponds to a fraction of the amount that the arrested operators have implemented with “Biggame” over time. Since the gambling app has been operating on the Chinese black market since June 2018, the officials, according to their own statement, assume that the illegal activities have dropped more than $ ten million have to. Despite the success of the investigation, the $ 3.8 million confiscated were only a minor part of the actual amount of damage.
The “Biggame” case shows the importance of cryptocurrencies in the Chinese online gambling. The players try to comply with the virtual means of payment of their passion and to avoid the restrictive attitude of the government. Bitcoin, EOS, Ethereum and other cryptocurrencies would be particularly suitable for financial processing, there the transactions are anonymous and can only be traced back under great efforts. This enables both the players and the operators of online gambling offers to disguise their identity and their whereabouts.
Chinese police are faced with problems. The Causa around “Biggame” shows how difficult it is to trace transactions with cryptocurrencies. Since more and more crypto casinos are flocking to the Chinese market, the police have problems working successfully all cases.
China scourges online gambling
China is known for this in many areas a restrictive attitude to follow. The gambling is no exception – on the contrary. The communist government tries to contain the burgeoning industry for years. In particular, rigoros is carried out against foreign providers. For this purpose, a black list was launched in August 2020. States are to be noted on this in which gambling companies specifically rely on financially strong players from China. In this regard, the Ministry of Culture and Tourism indicated that foreign online casinos would be at risk to the Chinese population.
Threat with travel restrictions. The Chinese government even goes one step further and threatens their own citizens with travel restrictions if they travel to foreign cities and regions that are on the black list. According to matching media reports, the Middle Kingdom wants to prevent capital abroad through gambling tourism.