Gambling-related USDT funds grow as 1k new online gambling websites use Tether
USDT deposits and withdrawals across gambling websites via crypto payment platforms are on the rise. report From Wu Blockchain created by Bitrace.
A survey of 20 active online gambling sites reveals that in 2022 there will be over 5 million USDT new deposits and other associated addresses across 161 new USDT payment platforms.
Data from these 20 gambling platforms show that 4.2 billion USDT was expelled between 2021 and 2022. 780 million USDT was deposited to his 60,000 exchange addresses, accounting for 18.57% of all outflows from online gambling.
The remaining funds were distributed to 310,000 individual addresses. The funds were then transferred across the blockchain network via address transfers, on-chain lending, anonymous transactions, and cross-chain transfers, polluting more crypto addresses.
According to reports, 1,031 new online gambling platforms will use USDT in 2022.
Leading list of polluted addresses in China
More than 53% of “tainted” addresses are Chinese. C.The Central Bank of China has announced that all cryptocurrency trading, mining, and trading will be illegal This therefore prohibits the offering of any form of online gambling business to citizens.
However, some online gambling institutions are established outside of China, allowing gamblers to use USDT to evade the tracking of their money movements by law enforcement agencies. Additionally, the report states that his USDT entered into online gambling pools has been “polluted” and spread through withdrawals, affecting the addresses of regular users.
To curb money laundering through cryptocurrency transactions and other methods, the National People’s Congress passed the Telecommunications Network Fraud Prevention Law, which came into effect on December 1, 2022.
As China stepped up its opposition to crypto-related illegal activities, Hunan officials recently arrested Sixty-three people have been arrested on suspicion of laundering $1.7 billion in gambling cryptocurrency.
