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Ethereum [ETH] based gambling during the World Cup, authorities vigilant

Akash Anand

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Ethereum [ETH] based gambling during the world cup,authorities vigilant
Source: Unsplash

Reports show that this year’s World Cup will be watched by approximately 4 billion people with the gambling community taking full advantage of this worldwide phenomenon. The tournament is slated to fetch over $36 billion in the gambling market with most of the funds being transferred using cryptocurrency.

The World Cup final that is happening on 15th July is expected to contribute a massive chunk of this gambling fund. Some of the recent sources reveal that most of the cryptocurrency gambling platforms are based on Ethereum [ETH] and Binance Coin [BNB].

Using cryptocurrency in the betting industry has been a major thorn in the side of the authorities with countries like China taking strict action against it. This was made evident by the country’s police force shutting down a cryptocurrency gambling ring conducting illegal bets on the ongoing World cup results.

On 13th July, the ‘Chengguan’, another term for China’s police force, released a statement which stated that they had arrested six major suspects in the gambling ring. The police proceeded to freeze assets worth five million yuan found in their accounts and cryptocurrencies worth 10 million yuan. The main tokens that the convicts traded in were Bitcoin [BTC], Ethereum [ETH] and Litecoin [LTC] because of their decentralized nature. Chinese local news outlet, Xinhua stated that the sting operation led to some startling developments:



“The network took off more than 20 involved gangs, arrested more than 540 suspects, smashed more than 70 gambling apps and websites, shut down more than 250 online social platform chat groups, and frozen more than 260 million yuan of funds involved in the seizure. A group of servers, computers, mobile phones, bank cards and other items involved.”

The police also reported that the ring was successful till now because they ran their businesses on the infamous ‘dark web’, the part of the internet with no rules and unindexed search engines. During their run, the gambling site had almost 350,000 users with the founders running a sort-of pyramid scheme to bring in more users. Over 8000 ‘special agents’ were given incentives depending on the number of users they bought to the website.

The police commented on the bust saying:

“The gambling syndicate used the loophole that virtual currency is not effectively regulated in our country to make huge profits”





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Ethereum

Ethereum [ETH] witnessed 6 of 10 of its highest usage days in the past three weeks despite bear attacks

Akash Anand

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Source: Pixabay

Ethereum [ETH]’s movement on the cryptocurrency charts has been termed ‘slow’ or ‘unresponsive’ by many people involved in the world of digital assets. This subtle attack on the Vitalik Buterin co-founded network has been a prolonged process with many betting on the “death of the Ethereum network” due to the rise of faster and more efficient technologies and blockchain networks.

The second largest cryptocurrency, however, seems to have taken all these comments in stride as new data emerged that 6 of the 10 highest usage days in Ethereum’s history occurred over the past 3 weeks. Data from Etherscan.io showed a rise to a peak as Ethereum recovered well after the downturn in mid-January. The astounding peaks in terms of usage were also made evident when compared to the usage data in December/January 2018, the time period when the cryptocurrency market had reached its all-time high.

Some users in the cryptocurrency space were still critical about the data, with dk_holdnaut, a cryptocurrency enthusiast tweeting:



“I have never seen or even heard about anyone using any Ethereum app. If it was truly decentralized and censorship resistant I believe the people that value these perks the most atm and have the most funds to devote would’ve build a drug market dApp by now.”

However, Ethereum’s competition, EOS and Tron are not far behind. Just recently Tron, the Justin Sun-led cryptocurrency had announced that the TRX mainnet had crossed 2.5 million accounts, beating Ethereum with 8 million blocks. Ethereum, despite having the chronological advantage, had only 7.5 million blocks.

Ethereum had taken another hit when EOS set the record for the most number of cryptocurrency transactions in one day. Daniel Larimer, the CTO of Block.one had tweeted:

“#eos recently set a record of over 70m actions processed in one day. An average of over 810 actions per second. Our team is making great strides in further optimization and scaling. #B1JUNE”





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