- Brazilian “Bitcoin King” under arrest for a $300 million crypto scam.
- The Brazilian police made the arrest after a three-year investigation.
- Also, the police made four other arrests related to the incident.
Brazilian authorities arrested Claudio Oliveira, leader of the Bitcoin Banco group. Police arrested the self-proclaimed “Bitcoin King” in connection with a $300 million embezzlement scheme.
According to an official police press release, the arrest was made after a three-year investigation. The operation code-named Daemon involved over 90 federal police officers. Also, the investigation revealed that the group engaged in scams and theft. Notably, the police opened the investigation after the group suspended client withdrawals and reported that 7,000 BTC had gone missing.
In addition, the group filed for judicial recovery in an attempt to avoid filing for bankruptcy. However, authorities soon discovered that the group was ...
This article was first published on coinquora.com