Chinese police department arrested three men who have stolen worth 600 milion chinese yuan (87 milion dollars). Stolen resources was mainly from Bitcoin and Etherum. Chinese officers from Chinese city Xian told that this investigation is the biggest one in cryptocurency case in history.
Police started the investigation earlier this year, exactly in march when multi-milion inwestor Zhanga said that hackers took control on his computer software to stole 100 milion yuan (15 milion dollars). This case lead to two others suspects who cooperate together.
China market takes a big part in cryptocurrency market, which causes rapid growth of fraud connected with digital values. China has very good system in the matter of planning project and analysis connected with blockchain. I can say that China nowadays if we take under loop their market are the closest to become number one in worlds economy in terms of research and implementation of Blockchain.
This year's World Cup was the perfect moment to increase the popularity of gambling games, what proved the Chinese illegal gambling group. All the bets were covered by cryptocurrency worth about 1.5 miliard dollars. In eight month the platform attracted almost 330 000 registered users from all over the world. The group built huge number of members of financial pyramid, counts over 8000 agents, who received comissions for recruiting new members. Police smashed and closed the group connected with the gambling situaction focused on World Cup placed in Russia.
In september last year People's Bank of China prohibit ICO (Initial Coin Offering), saying there were too many fraud which "disturbed regularity of economy and financial smoothness".
Instability in Market
China鈥檚 crypto-analysts say global financial instability and the growing trend toward risk aversion could play into the hands of digital currency. Bitcoin is often posited as a noncorrelated asset, which means that it moves independently of the wider financial markets. Although some observers are noticing a small correlation between bitcoin and stocks earlier this year, this was largely because of to the influx of new crypto-traders on a market.
