Billion Dollar Bust

11/03/2008		Billion Dollar Bust
Home History Games News Dictionary		An illegal webcast operation was recently busted open by authorities in Korea. The amounts of money seized in relation to the investigation may very well make the raid one of the largest, if not THE biggest in history. Billions of dollars were seized. The casino out of which the operation was run was located in Manila, Korea. Essentially, management of the establishment had set up an online gambling scheme that allowed bettors to participate via webcams. The webcams were set up all over the casino and broadcasted online the casino action in real time. There were multiple arrests made in connection to the conspiracy, however, names were not released to the press with the exception of the alias “Lee” who was said to be the leader of the pack for the operation. Lee utilized 9 different websites to broadcast the videos of his casino to other patrons’ computers. The websites then allowed the gamblers to cash in their money for ‘cyberchips,’ and were permitted to play in the casino via the webcams, making bets on outcomes. There were four men confirmed to manage the outfit, and reportedly the profits they accrued topped billions of dollars. All in all, the undertaking of such a setup was a huge ordeal; the organizers would even broadcast CNN live on the bottom of the webcam transmissions in order to guarantee to their online players that the casino action was in real time. Servers in connection to the casino/website liaisons were found in multiple nations. Not all of those involved have been apprehended. Two of the accomplices are still being pursued by authorities, who are thought to have left the country. Measures have been taken to bring them back in extradition.

11/03/2008

Billion Dollar Bust

An illegal webcast operation was recently busted open by authorities in Korea. The amounts of money seized in relation to the investigation may very well make the raid one of the largest, if not THE biggest in history. Billions of dollars were seized.

The casino out of which the operation was run was located in Manila, Korea. Essentially, management of the establishment had set up an online gambling scheme that allowed bettors to participate via webcams. The webcams were set up all over the casino and broadcasted online the casino action in real time. There were multiple arrests made in connection to the conspiracy, however, names were not released to the press with the exception of the alias “Lee” who was said to be the leader of the pack for the operation. Lee utilized 9 different websites to broadcast the videos of his casino to other patrons’ computers. The websites then allowed the gamblers to cash in their money for ‘cyberchips,’ and were permitted to play in the casino via the webcams, making bets on outcomes. There were four men confirmed to manage the outfit, and reportedly the profits they accrued topped billions of dollars.

All in all, the undertaking of such a setup was a huge ordeal; the organizers would even broadcast CNN live on the bottom of the webcam transmissions in order to guarantee to their online players that the casino action was in real time. Servers in connection to the casino/website liaisons were found in multiple nations.

Not all of those involved have been apprehended. Two of the accomplices are still being pursued by authorities, who are thought to have left the country. Measures have been taken to bring them back in extradition.