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US Seizes $24M in Crypto as Part of Brazilian Probe Into $200M Fraud Scheme
The U.S. Department of Justice announced Wednesday the seizure of $24 million in cryptocurrency after a request from Brazilian police.
The U.S. Department of Justice (DOJ) announced Wednesday it had seized some $24 million in cryptocurrencies from a scheme that defrauded "tens of thousands of Brazilians" of over $200 million.
STORY CONTINUES BELOW
- According to the DOJ announcement, the seizure was made after a request from Brazil for help with a large cryptocurrency fraud case that Brazilian federal police had dubbed “Operation Egypto.”
- Several individuals, including local Marcos Antonios Fagundes, were charged as part of the scheme, which operated between August 2017 and May 2019.
- Fagundes allegedly operated an unregistered financial institution to hold the cryptocurrencies he and his compatriots took from victims, and is charged with violating money laundering and securities laws violations.
- The cryptocurrencies appear to have been held in the U.S., the DOJ said.
Kevin Reynolds
Kevin Reynolds was the editor-in-chief at CoinDesk. Prior to joining the company in mid-2020, Reynolds spent 23 years at Bloomberg, where he won two CEO awards for moving the needle for the entire company and established himself as one of the world's leading experts in real-time financial news. In addition to having done almost every job in the newsroom, Reynolds built, scaled and ran products for every asset class, including First Word, a 250-person global news/analysis service for professional clients, as well as Bloomberg's Speed Desk and the training program that all Bloomberg News hires worldwide are required to take. He also turned around several other operations, including the company's flash headlines desk and was instrumental in the turnaround of Bloomberg's BGOV unit. He shares a patent for a content management system he helped design, is a Certified Scrum Master, and a veteran of the U.S. Marine Corps. He owns bitcoin, ether, polygon and solana.
