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Brazil’s “King of Bitcoin” arrested for embezzling 4.2 billion rand

The Brazilian police discussed the arrest of persons suspected of a Bitcoin scam in July 2021.

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  • Police in the Brazilian state of Paraná have arrested several people suspected of participating in a Bitcoin scam.
  • After three years of investigation, a person who claimed to be the “King of Bitcoin” was arrested for the plan.
  • The police claimed that the so-called scam harmed thousands of clients of an encryption brokerage company.
  • View more stories on Business Insider SA’s homepage.

Claiming to be “Bitcoin The “King” was one of those arrested by the Brazilian police in the case that accused the organization of implementing a corruption plan worth R4.2 billion.

The arrests were made after a three-year investigation conducted by 90 federal officials in the southern Brazilian state of Paraná.The police outlined the case in a report Press conference, Including the arrest of the so-called “king of bitcoin” Claudio Oliveira (Claudio Oliveira), who is suspected of stealing 1.5 billion Brazilian real from investors.According to reports, several others were arrested CoinDesk.

Authorities stated that Oliveira is the president of the Bitcoin Banking Group, an encryption brokerage company that claimed in 2019 that 7,000 Bitcoins were missing. According to the CoinDesk report, the organization subsequently fraudulently applied for judicial recovery, which is an exemption that allows entities to pay creditors without filing for bankruptcy.

But in 2020, the group was determined not to comply with its obligations under judicial reorganization.According to a Translate the press releaseThe police stated that the group continued to introduce new customers and promote its business activities without registering with the country’s Securities Commission (known as CVM).

According to a press release about “Operação Daemon” or “Operation Daemon”, the group is suspected of signing irregular contracts with thousands of customers.

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