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Brazilian Police Seize $28.8 Million in Cryptocurrency From Alleged Ponzi Scheme

The Brazilian Federal Police carried out one of the biggest cryptocurrency seizures in the country’s history on August 25, when the organization seized $28.8 million in cryptocurrency from an alleged investing Ponzi scheme. The operation, called “Kryptos,” included the arrest of five individuals linked to the pyramid scheme and confiscations of cash and luxury items.

$28.8 Million Dollars Seized by Brazilian Police in ‘Operation Kryptos’

On August 25, the Brazilian Federal Police executed a joint action in different locations of the country to seize goods and arrest people linked to an alleged pyramid scheme. Operation Kryptos, as the sting was named by Brazilian authorities, resulted in the arrest of Glaidson Acácio, who is accused of running a Ponzi scheme in the locality of Cabo Frio, in Rio de Janeiro. The operation also managed to seize more than $28 million in cryptocurrency, one of the biggest seizures in the history of the country.

Four other individuals were arrested in several locations, including Cabo Frio and the Guarulhos Airport. Acácio was suspected of running a Ponzi scheme investment company that offered returns of 15% over the value deposited by investors. The operation included 15 orders of search and seizure, which allowed the Federal Police to seize 21 luxury vehicles, high-end watches, jewelry, R$19 million (US$3.6 million) in cash, and other amounts in foreign currency and documents.

Acácio’s defense stresses that they are still waiting to see the full case against their defendant to offer statements about the operation.

Brazil Acts Against Crypto-Related Crime

Brazil has been one of the most active countries when it comes to regulating and punishing cryptocurrency-related crimes in Latam. Just in the last months, several big operations have been carried out by the federal police, with millions of dollars recovered. Earlier this month, Federal Police launched “Operation Compliance,” which included the execution of more than 34 search and seizure orders across the country by 150 federal policemen.

In July, police executed two other cryptocurrency-related operations. The first one seized $33 million linked to money laundering tasks carried out by shell companies and non-KYC-compliant cryptocurrency exchanges. The second one had to do with the arrest of Claudio Oliveira, the infamous “King of Bitcoin” in the country, who allegedly faked a hack attack to take more than $300 million dollars in cryptocurrency from investors.

What do you think of the actions of the Brazilian Federal Police against pyramid schemes? Tell us in the comments section below.

Tags in this story
Acácio, Brazil, Brazilian, Cryptocurrency, federal police, glaidson acacio, Money Laundering, Seizure

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