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Police in Gwangju, South Korea, have uncovered an illegal gambling setup hidden behind what looked like a cryptocurrency mining office.
The operation, based in Gwangsan-gu, collected over $95,000 (140 million won) using unapproved gaming machines.
The main suspect, identified only as “Mr. A”, is being investigated for breaking the Game Industry Promotion Act. According to police, he set up 50 modified game machines and two kiosks in an office building, presenting the space as a crypto exchange and mining business.
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Instead of mining cryptocurrencies, the machines ran a paid version of a free mobile game. Players were charged about $38 (50,000 won) per hour and could earn cash depending on their performance. Authorities believe this was a way to run a gambling system while avoiding detection.
After raiding the location, officers seized the machines and other equipment. The investigation has been expanded to find out if other people helped run the business or were involved in similar setups.
Chief Jeong Gyeong-ho said:
We will actively block illegal gaming centers from reopening or spreading even after being cracked down on.
Another officer added that police will keep working to shut down gambling rooms that hurt the local economy.
Spanish police arrested six people in connection with a large-scale crypto investment scam that used artificial intelligence (AI) tools and fake online promotions. How did the case unfold? Read the full story.
Having completed a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron has written scientific papers analyzing the differences between Western and Collective forms of capitalism in the post-World War II era.With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.
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