How Bitcoin is Shaping the Future of Gambling
One multimillion dollar cryptocurrency ICO or initial coin offering is being pushed by a Macau gaming company. Their backing comes from a less than surprising myriad of gang bosses.
The ICO that was planned to be released in Hong Kong towards the end of September is scheduled to raise around $500 million dollars using blockchain as the backing for its currency. If it is pulled off, this ICO would essentially be the largest one to date.
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The event which is being pushed by the Macau Dragon Group as well as the Thailand-based Wi Holding Company Ltd. is supposedly going to face hard times by various regulatory agencies as their ties to the triad society emerges into the light.
Several photos which were sent to the South China Morning Post were shown to have a criminal boss who is referred to as Wan. Wan is known to be a boss after seeing 14 years in jail for crimes such as money laundering and other gang related incidences.
The ICO is planned after a sensitive time in China regarding cryptocurrency where the state has cracked down on the use and made it essentially illegal.
One man who works in the industry stated that “this is probably a more secure IOU than the junkets’ traditional handshake or one-page agreement. However, that is precisely why it is impossible to believe this will be tolerated by the authorities — they are essentially trying to use an IT patch to legitimize an underground activity.”
It is a difficult industry as some investors have seen it be delegitimized by criminal activity infiltrating the market. Several top financial advisors have stated that it is a criminal industry and that the use of cryptocurrency as well as ICOs can be seen as illegitimate given their criminal background and ties.