Linyi Police Crack Down on Virtual Currency Gambling App Case, Seize Over 10 Million Yuan in Funds
English Translation:
**Jinse Finance reports, according to the Linyi Hedong public account, based on the Ministry of Public Security's "Clean Net Action" deployment, Linyi Public Security has continuously strengthened its crackdown on online illegal activities. In early 2023, the Yihe New District Branch of the Linyi Municipal Public Security Bureau discovered an APP suspected of gambling with huge funds flow during its work. **
The investigation revealed that the APP was developed by Zhao, under the direction of Shi, a criminal suspect. Shi used his own and family members' identities to open multiple fund pool accounts. Members exchanged virtual currency for chips within the APP and engaged in online gambling by guessing the rise and fall of virtual currency exchange rates within different time periods. Since 2023, the Yihe New District Public Security Organs have arrested 13 suspects, including Shi, and seized more than 10 million yuan in funds. In May 2024, Shi and other suspects were sentenced to fixed-term imprisonment by the People's Court.