Crypto Assets

$3.8bn crypto gambling ring broken in Vietnam

$3.8bn crypto gambling ring broken in Vietnam


Police in Vietnam have made 59 arrests and are reported to have broken an illegal online cryptocurrency gambling ring in the country worth as much as $3.8bn. This is the largest such infiltration in the country’s history, with online operators accepting cryptocurrencies to make transactions in a nation where online gambling is strictly prohibited.

Vietnamese national media has reported that the organisers had established an extensive network in cities and provinces throughout the country. Players purchased cryptocurrencies such as Ethereum or Tether from a platform called Remitano. They then used these digital currencies to gamble on existing platforms and the local organisers, the intermediaries, received commission payments.

Social Media was used to lure players in by showcasing extravagant images even offering insurance packages for losing players. And somewhat worryingly in the context of news elsewhere, the local reports state that a number of those arrested have already admitted to their role in organising gambling on these platforms, which were local intermediaries of the international betting platform,