Banco Bitcoin Group chairman arrested on alleged $ 300 million fraud
Claudio Oliveira, President of Bitcoin Banco Group, the famous Brazilian financial management company that reported a loss of 7000 BTC in 2019, has gone bankrupt on fraud allegations, as we can see more on the news.
Claudio Oliveira was arrested in Brazil and his car, cash and crypto wallet were confiscated. The Brazilian federal police have blown up a cryptosystem that cost at least 1.5 billion Brazilian reais, or $ 300 million, of 7,000 victims. The chairman of the Bitcoin Banco Group was arrested after a three-year investigation after authorities gathered enough evidence to arrest him. Oliveira is known as the “Bitcoin King” for serving as the president of the Bitcoin Banco Group, a hugely popular financial film that gained popularity during the crypto boom by promising big new wins to those who entrusted them with money.
In late 2019, the Bitcoin Banco Group reported that it had registered the disappearance of 700 bitcoins and requested a judicial reinstatement order or a special release agreement agreed by the Brazilian authorities to pay its creditors and save itself from bankruptcy. Either way, the company continues to provide old traces without explaining why the tokens disappeared. Instead, it presents an updated version of the platform and assures customers that the tokens are already in place. According to clinets’ attorney, there are many inconsistencies between the amounts submitted by the company and the exam dates. The company has also not provided any wallet data, which may have solved the problem.
While this was happening, federal police formed a task force of 90 officers to investigate the Banco Bitcoin Group, and “Operation Daemon” agreed to have funds transferred to the account from the group’s clients. The federal police seized several assets belonging to him after the arrest, including a luxury car, a large amount of cash and a crypto hardware wallet. Police have charged money laundering, fraud and more against the management fund and Oliveira. The exchange of messages between the federal police and foreign authorities confirms that Oliveria is being investigated for similar crimes in the US and Europe.
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