Alleged Crypto $768 million In Brazil

Authorities in US and Brazil have seized the alleged crypto fraud in Curitiba with a worth of $768 million, equivalently 4 billion reais, misleading investors about putting money in these worthless products.

“The U.S. investigation revealed that the organization allegedly deceived investors in over a dozen countries by falsely claiming that they had developed fully functioning, cutting-edge cryptocurrency-related financial products,” according to the press release of U.S. Immigration and Customs Enforcement (ICE).

The organization’s promotion is suspected of giving false information about 20% returns for the investment in order to “dupe victims into investing millions in cryptocurrencies minted by the suspects. The cryptocurrencies eventually held little to no value.”

The leader of this fraud ring is a 37-year-old Brazilian national, named Francisley Valdevino da Silva. The authorities accused this organization deceived thousands of victims.

“The violations include international money laundering, operating a criminal enterprise, fraud, and crimes against the national financial system,” the ICE statement read.

About 100 police officers took part in Operation Poyais – along with Brazil’s Federal Reserve.  – to swipe all fraud ring transactions and alleged crypto between Brazil and the US. This is one of the regulatory moves of Brazil’s authorities since the booming of cryptocurrency-related activities in the past few years.

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Ken

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