Vietnam cops smash $3.8bn crypto gambling ring

Ho Chi Minh City Police make 59 arrests in huge operation

Vietnam police have confirmed the arrests of 59 people tied to the biggest illegal online gambling ring discovered in the country, with transactions totalling more than $3.8bn.

Detectives say gamblers in the ring registered cryptocurrency wallets on the Remitano platform to buy cryptocurrencies such as Ethereum or Tether.

They would then gamble through websites and

The suspects confirmed to authorities the organisation of online gambling on those sites, which allegedly acted as intermediaries to international betting platform in order to earn commissions.

It is suspected that, when a large number of players were active, they crashed the websites in order to steal money from the digital wallets.

Ho Chi Minh City Police also confiscated 40 laptops, 79 cell phones, ATM cards, vehicles and cash worth more than $130,000.

Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.

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