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Brazil's Bitcoin Banco Group and Leader Arrested for Alleged Embezzlement of $300M in Crypto
The operation was carried out on intelligence gathered over a three-year investigation into alleged fraud and and embezzlement scams.
Federal Police in Brazil have arrested members and a leader of the Bitcoin Banco group for their alleged involvement in an embezzlement scheme.
STORY CONTINUES BELOW
- In a press conference streamed live on Monday, police named businessman and self-proclaimed "Bitcoin King" Claudio Oliveira, as leader of the group.
- The group is alleged to have embezzled R$1.5 billion (US$300 million).
- Operation Daemon was conducted by around 90 federal police officers in Curitiba and the Metropolitan Region, according to a police press release on Monday.
- The operation was based on intelligence gathered over a three-year investigation which alleges the group engaged in fraudulent scams and embezzlement.
- In 2019, the group reported 7,000 bitcoin had gone missing and client withdrawals from the group's brokers ceased, sparking an investigation.
- After which, the group filed for a judicial recovery – a type of exemption allowing an entity to pay creditors without filing for bankruptcy.
- The fraud is alleged to have harmed thousands of investors.
Read more: Founders of South African Crypto Investment Firm – and $3.6B in Bitcoin – Are Missing
Sebastian Sinclair
Sebastian Sinclair is the market and news reporter for CoinDesk operating in the South East Asia timezone. He has experience trading in the cryptocurrency markets, providing technical analysis and covering news developments affecting the movements on bitcoin and the industry as a whole. He currently holds no cryptocurrencies.
