Cryptocurrency has been one of the hot topics for quite some time now and as with every new trend enjoying the attention of many people, there were attempts of frauds involving virtual currency as well. According to the recently issued information, the authorities have been on the lookout for illegal crypto activities and operation. Macau’s Judiciary Police also managed to capture an individual who is supposedly linked to a fraudulent scheme involving false information and cryptocurrency which could be utilized in gambling.
It could be recalled that earlier there were some reports showing that the authorities at the Monetary Authority of Macau have warned the public about potential threat involving cryptocurrencies which might lead to individuals being deceived. The said company which provided the digital currency which could be used in casino gambling, according to the way it was promoted, was supposedly related to an individual who has the reputation of a former criminal. All residents were warned that the territory of Macau does not perceive digital currency as a form of legal form of payment and therefore should not be utilized as such.
It could be recalled that back in November the Chinese cryptocurrency exchange saw its last day of existence since earlier that autumn a ban was imposed over the exchange, with the step prohibiting Chinese residents to exchange digital money, except for the cases their operation is outside the country. The Government’s announcement of the ban seriously hurt Bitcoin prices, with the latter falling to $3,300. Among the reasons pointed out for the ban were the large rates of criminal activity boosted by the digital currency, as well as tax evasion which hurts the economy as well. Money laundering was also a problem which negatively impacted China.
Progress of the Authorities
Wan Kuok-koi is also known as ‘Broken Tooth’ and his connection was revealed after the investigation of the issue. Macau Dragon Group is a company which is linked to him, but in the meantime is in business relations with the British political consulting firm Cambridge Analytica.
The reason for that is to attract more attention to its token of operation which goes by the name of Dragon Coin. Wan has been in the prison for as many as 10 years since he was convicted for his participation in criminal activities with the 14K triad group. In the meantime, it also became known that the authorities have managed to detain an individual who was supposedly involved with cryptocurrencies operation in an illegal fashion. Providing untrue information and deceiving the public into participating in Lantai Digital Application Technology as s digital currency subscription.
The Cayman Islands-based company had the launch of its cryptocurrency subscription this Tuesday, and supposedly there are at least 10 people involved in its operation which are traced by the authorities. The company was promoting its operation as providing a digital currency that could be later exchanged as gaming chips which could be utilized around the globe. There was also the claim that this company is in collaboration with Macau junkets, but this was confirmed to be false information aiming to deceive the users.