7 Billion Illegal Holdham Gambling Sites Caught Using Currency App

Police have caught those who developed a currency exchange application using virtual accounts to promote it as possible to avoid crackdowns and used it to run an illegal gambling center worth 7 billion won.

The Seoul Metropolitan Police Agency said it arrested 577 people, including a representative of a currency exchange app developer, employees, and franchise hold-pub owners and dealers, and sent them to the prosecution.

From October 4 last year to May 3 this year, A and others are accused of recruiting 104 Holdham pub franchises across the country and exchanging 5.7 billion won by receiving 7.1 billion won in participation fees from 8,000 Holdham game participants.

Police believe that in the process, the exchange app company collected 228 million won, or 4% of the total exchange amount, as a commission.

The police also sent 51 people who participated in the game and won more than 10 million won to the prosecution on gambling charges.

It also cautioned that it is illegal to exchange chips for cash, receive participation fees, give participation tickets or prize money, and exchange money using an app.