Main navigation

Bitcoin Gang Has Its Luxury Cars Seized by Brazil Police

News
Mon, 07/05/2021 - 17:57
article image
Alex Dovbnya
The fake "Brazilian Bitcoin king" has been arrested together with his wife
Bitcoin Gang Has Its Luxury Cars Seized by Brazil Police
Cover image via stock.adobe.com
Read U.TODAY on
Google News

Brazil’s Federal Police on Monday seized luxury cars, jewelry, and bags of cash that belonged to a money-laundering gang in Curitiba, Paraná, according to a report by Brazilian newspaper O Globo.  

Lambo
Image by oglobo.globo.com

The criminals managed to embezzle 1.5 billion reals ($295 million) with the help of cryptocurrencies.

The operation, which was named “Daemon” after a semi-divine spirit in the Greek mythology, involved 90 police law enforcement agents.

Claudio Oliveir, who was at the helm of the fraudulent Grupo Bitcoin Banco company, was among those arrested Monday together with his wife.        

In total, the Federal Court has issued 22 seizure warrants.

Related
DeFi Criminals Raked In $240 Million in 2021

An elaborate fraud scheme  

The ill-gotten money was moved with the help of brokers that were part of the Grupo Bitcoin Banco sham.

Those who got caught into the scheme believed that they were receiving daily guaranteed profits, but the fraud came to light after roughly 20,000 customers were not able to withdraw their funds.

Grupo Bitcoin Banco claimed that it had fallen victim to cybercriminals after blocking the money of its creditors.

The Federal Police launched an investigation into the company back in 2019. The law enforcement agents determined that the cyberattack story was bogus and discovered that the gang was involved in embezzlement, money laundering, and other crimes.

The bad actors went to great lengths to deceive their victims, even creating their own Fortnox blockchain that was meant to control the customers’ funds.

article image
About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.