Vietnamese police have caught 59 persons, considered to be the participants of a Ho Chi Minh City-based gambling ring that stole more than $3.8 billion in bets. As per the law enforcement of Vietnam (including the Department of Cybersecurity and High-Tech Crime Prevention and Control), the respective group was supposedly led by four Vietnamese residents naming Nguyễn Đắc Quý, Phạm Thị Mai Ngân, Huỳnh Long Nhu, and Huỳnh Long Bạch. The gamblers were pursued to sign up for receiving a crypto wallet from the foreign venue called Remitano, as well as filling it with TRON ETH, or USDT.
Then those tokens were utilized to bet via “Nagaclubs.com” and “Swiftonline.live” being the intermediary sites linking to the chief platform called Evolution Gaming (which was a branch of Evolution AB located in Sweden. The arrested people admitted having received commissions from the forum for taking more and more Vietnamese consumers onboard. Nonetheless, such claims have been denied by Evolution stating that the live remote gambling tables thereof cannot be accessed in the areas where gambling is not allowed.
The respective criminals crashed the respective site at the time when there was an increased activity on it and raided the crypto wallets of the gamblers. Gamblers were attracted to the scheme by the criminals as they presented their wealth on social media. They additionally grasped the attention of the gamblers by the other shrewd gamblers by offering insurance and convincing them to refund the respective money after the six continuous losing bets. A team has been assembled by the police for the respective investigation.
An uphill task for Vietnamese police
The country’s police have long been in a battle against illegal gambling. The authorities have permitted the natives as well as the foreigners to come to Vietnam and bet under six different casinos however restricted online gambling as well as the private card rooms. Sports betting turned to be legal during 2017 in Vietnam via a pilot project spanning five years, as the natives were allowed to gamble within the particular casinos.
Does the viewpoint of Regulators have a weightage?
The respective event provides confidence to the regulators’ invitation for the implementation of the regulation on a global level. Anonymously shifting money between the borders through the utilization of crypto presents a great risk according to the regulators. KYC (Know-Your-Customer), as well as anti-money laundering strategies, do have importance while tracking the money transaction’s flow. In this respect, Chainalysis, Elliptic, as well as other such firms have constructed instruments to assist in helping the enforcement of law over the criminal groups.