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Police Seize $1.5 Million in Crypto During FIFA Gambling Crackdown

Local police officials in China seized more than $1.5 million worth of cryptocurrencies as part of a crackdown on gambling during the 2018 FIFA World Cup.

Chinese state-run media outlet Xinhua reported on July 11 that authorities first noticed the unnamed gambling platform in May following advertisements that claimed it would “accept international recognized cryptocurrencies including bitcoin, ether and litecoin” in order to draw in users. An investigation was launched soon after, according to the outlet.

The special investigation team discovered that the site, based overseas, utilized a traditional online gambling model coupled with cryptocurrency payments. Xinhua cited “regulatory loopholes” by which the site was able to secure profits by hiding proceeds using those currencies.

All told, over the course of eight months, some 333,000 users used the site, which reportedly saw an estimated transaction volume of at least $1.5 billion.

Now, authorities have arrested six organizers of the site and confiscated $1.5 million worth of cryptocurrencies as well as $750,000 in renminbi deposits from their bank accounts.

A spokesperson from the police department in Guangdong province said that the task force will continue working to”maintain a highly concentrated attention” on cracking down online soccer gambling and advised soccer fans to watch the games “rationally and consciously.”

World Cup Image via Shutterstock

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Huobi Partners With JD Cloud to Explore Blockchain Tech Applications

JD Cloud, a subsidiary of Chinese e-commerce giant JD Group is teaming up with crypto exchange Huobi to conduct new research into blockchain technology and cloud computing.

The two companies signed a partnership contract, which was unveiled during a signing ceremony in Beijing on Thursday. According to a press release, the two companies will be working together in three main fields, including understanding blockchain technology, methods to apply blockchain technology in areas like finance, Internet of Things (IoT), and logistics and developing insight and analysis reports about current projects related to both public and consortium chain.

Gang He, JD Group vice president and the head of product development at JD Cloud, said that the partnership decision was made based on JD Cloud’s experience in the blockchain field along with its “unique” advantages in technology.

JD Cloud intends to continue expanding its capabilities and innovating in order to better server enterprise clients in the blockchain sector, he said.

Similarly, Huobi CTO Xianfeng Cheng said the exchange established multiple partnerships

Xianfeng Cheng, CTO of Huobi, said Huobi, “as a pioneer in the blockchain industry,” has established multiple partnerships with blockchain incubators overall the world including China. Its advantages in technology, resources, and experience will be applied to the upcoming projects with JD Cloud.

Editor’s note: Statements in this article have been translated from Chinese.

JD Group’s logo image via Shutterstock

The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.