$55 Billion Crypto Gambling Case on Trial in China

China’s Hubei province revealed on Tuesday it was prosecuting a man for running a cross-border online cryptocurrency gambling ring with a turnover of 400 billion yuan ($55.4 billion), the country’s mobile news platform Toutiao reported.

Authorities say the gambling ring involved more than 50,000 people who wagered crypto to play chess and card games on a phone app. The app’s servers were located outside the country and were discovered when one of the gamblers sought police help saying “please help me, I am gambling on my mobile phone and my family is going to be ruined”. Authorities have frozen $160 million worth of crypto assets belonging to the gang.

Read the full report: Toutiao

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Vishakha Saxena

Vishakha Saxena is the Multimedia and Social Media Editor at Asia Financial. She has worked as a digital journalist since 2013, and is an experienced writer and multimedia producer. As a trader and investor, she is keenly interested in new economy, emerging markets and the intersections of finance and society. You can write to her at [email protected]