Chinese authorities seize $160 Million from illegal crypto gambling ring

The bust follows only two weeks after Chinese law enforcement investigated a similar network confiscating $124.6m

Chinese police have shut down an illegal gambling ring seizing over $160m in cryptocurrencies.

The authorities were reportedly required to use a court order to obtain the crypto, which is said by investigators to be a small portion of the overall illegal gambling organization's illicit profits.

Allegedly, the investigation uncovered several other branches participating in the illegal gambling network; a heist so large the group may have been intending to move as much as $56bn.

Police have attempted to dismantle the gambling network following an investigation that has supposedly lasted two years.

In July 2021, an official inquiry was launched after a tip regarding large crypto transactions was sent to authorities by Chinese national resident and self-proclaimed online gambler Xiong Xong.

Following the tip, investigators began looking into the suspicious activity and discovered a vast global network of illegal operations involving cryptocurrencies.

Only two weeks ago, Chinese authorities arrested over 90 people associated with illegal gambling in Yunnan, the landlocked province in southwestern China. 

Police reported confiscating $124.6m from the gang before shutting the platform down and arresting the individuals. 

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Written by Isabella Aslam

Reporter

Isabella is an experienced writer in B2B and B2C journalism. Alongside crypto, Isabella writes and discusses the topics of relationships and psychology. Isabella holds a first-class degree in music journalism and often interviews electronic artists and DJs.