Vietnam Dismantles Massive Crypto Gambling Ring, Sentences 43
A massive online gambling operation has been dismantled in Vietnam, with 43 individuals sentenced for their roles. The network, which handled billions in cryptocurrency transactions, is also linked to money laundering and high-profile purchases of real estate and luxury cars. The operation, which peaked with 20,000 customers, allowed users to gamble through websites using cryptocurrencies. This is illegal in Vietnam. The network was run by four siblings, who received prison sentences ranging from eight to 13 years. Investigations revealed that much of the ill-gotten gains were spent on lavish purchases. Real estate and luxury cars were among the items bought with the proceeds. The siblings' sentences come after a separate, ongoing probe into money laundering connected to the operation. An Indian national is alleged to have headed the entire enterprise. He remains at large. Notably, this individual is the British-Indian managing director of the Treofan company, who was absent from a key court hearing during the company's insolvency proceedings. The online gambling network handled transactions totalling US$3.8bn between early 2020 and late 2021. Its dismantling is a significant blow to illegal gambling activities in Vietnam. Authorities continue to investigate the money laundering aspects of the case and the whereabouts of the alleged mastermind.
Read also:
- Kazakhstan's National Bank Boosts Currency Sales to $1.4 Trillion in Q4
- Federal petition from CEI seeking federal intervention against state climate disclosure laws, alleging these laws negatively impact interstate commerce and surpass constitutional boundaries.
- Duty on cotton imported into India remains unchanged, as U.S. tariffs escalate to their most severe levels yet
- Steak 'n Shake CEO's supposed poor leadership criticism sparks retaliation from Cracker Barrel, accusing him of self-interest
