Skip to main content

Chinese authorities break up billion-dollar cryptocurrency gambling ring

On Thursday, Chinese authorities reported that they had shut down an online gambling ring worth more than $1.5 billion. The dark web gambling ring, which made its fortunes by facilitating bets on the World Cup,  only accepted payments in cryptocurrencies such as Bitcoin or Etherum. The South China Morning Post reports that this was the first major Chinese gambling ring to make use of digital currencies.

Law enforcement from the Guangdong province said that during its eight months of operation, the site drew approximately 330,000 users from multiple different countries. The police also report that the site employed more than 8,000 operators who would earn commissions for recruiting new members into what is being described as a pyramid scheme. Chinese authorities said that the syndicate’s ringleaders took advantage of China’s lax rules governing cryptocurrencies to make “huge profits.”

Recommended Videos

While the aforementioned incident is China’s largest example of World Cup gambling, it is far from the only one. Chinese law enforcement have embarked on a campaign meant to root out the various gambling rings that have risen during the World Cup. Law enforcement from the Guangdong province reported that they have arrested 540 suspects and frozen 260 million yuan in cases related to illegal gambling on the World Cup. However, they say that the recently busted crypto ring is the largest of such operations to date.

In addition to cracking down on illegal activities fostered by cryptocurrencies, China is also taking a stricter stance toward digital currencies in general. In September of last year, the government shut down Chinese cryptocurrency exchanges and banned initial coin offerings. The government cited concerns that cryptocurrencies were unregulated and could be a destabilizing influence on the Chinese economy. Those efforts appear to have been somewhat successful as the Chinese central bank has reported that trading between yuan and Bitcoin now accounts for less than one percent of the world’s Bitcoin trades.

Despite the currency’s reputation for illegal dealings, Bitcoin and other cryptocurrencies have plenty of legitimate uses whether as a simple hobby or as a means of buying a brand new Lamborghini. Bitcoin has had a bit of a troubled year so far, but the technology behind it will likely remain even if the currency itself eventually dies out.

Eric Brackett
Former Digital Trends Contributor
The UK’s Wayve brings its AI automated driving software to U.S. shores
wayve ai automated driving us driver assist2 1920x1152 1

It might seem that the autonomous driving trend is moving at full speed and on its own accord, especially if you live in California.Wayve, a UK startup that has received over $1 billion in funding, is now joining the crowded party by launching on-road testing of its AI learning system on the streets of San Francisco and the Bay Area.The announcement comes just weeks after Tesla unveiled its Robotaxi at the Warner Bros Studios in Burbank, California. It was also in San Francisco that an accident last year forced General Motors’ robotaxi service Cruise to stop its operations. And it’s mostly in California that Waymo, the only functioning robotaxi service in the U.S., first deployed its fleet of self-driving cars. As part of its move, Wayve opened a new office in Silicon Valley to support its U.S. expansion and AI development. Similarly to Tesla’s Full-Self Driving (FSD) software, the company says it’s using AI to provide automakers with a full range of driver assistance and automation features.“We are now testing our AI software in real-world environments across two continents,” said Alex Kendall, Wayve co-founder and CEO.The company has already conducted tests on UK roads since 2018. It received a huge boost earlier this year when it raised over $1 billion in a move led by Softbank and joined by Microsoft and Nvidia. In August, Uber also said it would invest to help the development of Wayve’s technology.Just like Tesla’s FSD, Wayve’s software provides an advanced driver assistance system that still requires driver supervision.Before driverless vehicles can legally hit the road, they must first pass strict safety tests.So far, Waymo’s technology, which relies on pre-mapped roads, sensors, cameras, radar, and lidar (a laser-light radar), is the only of its kind to have received the nod from U.S. regulators.

Read more
Aptera’s 3-wheel solar EV hits milestone on way toward 2025 commercialization
Aptera 2e

EV drivers may relish that charging networks are climbing over each other to provide needed juice alongside roads and highways.

But they may relish even more not having to make many recharging stops along the way as their EV soaks up the bountiful energy coming straight from the sun.

Read more
Ford ships new NACS adapters to EV customers
Ford EVs at a Tesla Supercharger station.

Thanks to a Tesla-provided adapter, owners of Ford electric vehicles were among the first non-Tesla drivers to get access to the SuperCharger network in the U.S.

Yet, amid slowing supply from Tesla, Ford is now turning to Lectron, an EV accessories supplier, to provide these North American Charging Standard (NACS) adapters, according to InsideEVs.

Read more