Thursday, January 27, 2022

Vietnam police bust $3.8 billion illegal crypto gambling ring

The Takeaway:

Vietnamese police have busted a massive illegal online gambling ring in the country that uses cryptocurrencies to make transactions.

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Vietnamese police have busted a massive illegal online gambling ring in the country that used cryptocurrencies for making transactions, leading to the detaining of 59 people. According to the VTV report, it was the biggest gambling ring busted in the country, involving around $3.8 billion, including the money put in by the gamblers, but without the reciprocal money from the dealer. The Vietnamese government allows controlled betting in casinos and some sports betting, but online gambling and private card rooms are strictly banned in the country. 

 

The crypto gambling organizers have established large-scale networks.

The report noted that the crypto gambling organizers had established large-scale networks across various provinces and cities in the country. To participate in the gambling, players need to purchase cryptocurrencies like Ethereum or stablecoin Tether from a foreign platform called Remitano, and then use the digital currencies to gamble on websites Swiftonline.live and Nagaclubs.com. Though the Vietnamese organizers received commissions from the primary gambling platforms, they even crashed the local websites to steal money from crypto wallets.

 

Organizers used social media to lure gamblers.

Organizers used social media to lure gamblers by showcasing luxurious lifestyles like fancy cars, expensive houses, and extravagant parties. They even offered insurance packages to the players, promising them a refund after losing six games. Apart from the detained persons from the police bust, the Ho Chi Minh City police confiscated 55 laptops and desktops, 39 mobile phones, and seven luxury cars, along with ATM cards and cash worth more than 2.9 billion dong (around $130,000). Crypto regulations in most countries are still in a grey area. However, more and more countries are coming forward with crypto regulations.

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Disclaimer: The article reflects the opinions of the author and is not representative of Chaintimes’ views.
The article does not offer any investment advice. User discretion is advised when investing in or trading with cryptocurrency. Extensive and diligent research should be carried out by the reader before making a decision.

Jai Pratap
Jai Pratap
A Mass Media Graduate who loves to write. Jai is also a sports enthusiast and a big movie buff. He loves to learn new things.

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