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Chinese Police Arrest EOS Gambling dApp Team, Seize $3.8 Million in Crypto

Published

4 years ago

April 20, 2021

Niji Narayan

Chinese Police Arrest EOS Gambling dApp Team, Seize $3.8 Million in Crypto

Reading Time: < 1 minute

The Chinese police in the city of Yancheng in Jiangsu province have arrested a group of developers behind a decentralised gambling app on the EOS network.

The Jiangsu police announced that it arrested 15 people and subsequently confiscated 1.3 million units of EOS and BTC that are worth a combined 26 million yuan, or $3.8 million.

The police said this is the first criminal case that it cracked down on that used smart contracts to operate illegal online gambling businesses inside China.

The dApp, called Biggame, allowed players to use EOS smart contracts to place bets on various games such as Dice and Texas Hold’em. Between June 2018 and December 2020, the team behind Biggame allegedly profited from the operations with crypto assets worth 60 million yuan, or nearly $10 million, law enforcement officials said.

The arrest is the latest example of Chinese law enforcement’s wider “Internet Cleansing Movement” that aims to crack down on any illegal online activities, from gambling and Ponzi schemes to telecommunication fraud and money laundering.

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Niji Narayan

Niji Narayan has been in the writing industry for well over a decade or so. He prides himself as one of the few survivors left in the world who have actually mastered the impossible art of copy editing. Niji graduated in Physics and obtained his Master’s degree in Communication and Journalism. He has always interested in sports writing and travel writing. He has written for numerous websites and his in-depth analytical articles top sports magazines like Cricket Today and Sports Today. He reports gaming industry headlines from all around the globe.