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Brazil’s Bitcoin Banco Group and Leader Arrested for Alleged Embezzlement of $300M in Crypto

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Federal Police in Brazil have arrested members and a leader of the Bitcoin Banco group for their alleged involvement in an embezzlement scheme.

  • In a press conference streamed live on Monday, police named businessman and self-proclaimed “Bitcoin King” Claudio Oliveira, as leader of the group.

  • The group is alleged to have embezzled R$1.5 billion (US$300 million).

  • Operation Daemon was conducted by around 90 federal police officers in Curitiba and the Metropolitan Region, according to a police press release on Monday.

  • The operation was based on intelligence gathered over a three-year investigation which alleges the group engaged in fraudulent scams and embezzlement.

  • In 2019, the group reported 7,000 bitcoin had gone missing and client withdrawals from the group’s brokers ceased, sparking an investigation.

  • After which, the group filed for a judicial recovery – a type of exemption allowing an entity to pay creditors without filing for bankruptcy.

  • The fraud is alleged to have harmed thousands of investors.

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