According to Wu, Wu learned that according to News.bitcoin, the US FBI raided a network that used fake cryptocurrencies to conduct illegal gambling, and Jonathan Arvay, a resident of Denver, Colorado, was convicted of operating an illegal gambling business.
Arvay masked the exchange of gambling points for cash through a fake cryptocurrency called Obsidian Digital Asset Coin (ODAC), and customers were required to pay a fee to exchange ODAC for US dollars.
The crackdown revealed fraud and money laundering activities involving gambling venues across Colorado.
