(Yicai Global) July 12 -- Police in China have cracked a case of online soccer gambling that involved virtual currencies as gangs resort to new tools furnished by advances in the fintech sector.

Law enforcement officers in southwest, central and southern China arrested six key gang members, rounded up more than 540 suspects and shut down 70 mobile apps and websites as well as 250 online chat groups, state news agency Xinhua reported. They froze assets worth more than CNY5 million (USD750,000) and confiscated cryptocurrencies valued at over CNY10 million.

Police launched an investigation after they chanced on an online betting platform in May that supported Bitcoin, Ethereum and Litecoin.

The servers were located outside of the Chinese mainland, where gambling is illegal, to evade police and regulators. The platform, which attracted 8,000 agents and 330,000 members in more than eight months, spanned several countries and regions.

Editor: Ben Armour