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