• The leader of Brazil’s Bitcoin Banco Group has been arrested for allegedly embezzling $300 million in cryptocurrency

  • Members including a leader of the Bitcoin Banco group have been arrested by Brazilian federal police for their alleged involvement in an embezzlement scheme.

    Claudio Oliveira, a businessman, and self-proclaimed “Bitcoin King,” was anointed the group’s leader in a live-streamed press conference on Monday. The organization is accused of embezzling R$1.5 billion (US$300 million).

    According to a police news statement issued on Monday, roughly 90 federal police personnel participated in Operation Daemon throughout Curitiba and the Metropolitan Region. The operation was based on information acquired over the course of a three-year inquiry into the group’s alleged involvement in fraudulent schemes and embezzlement.The group claimed 7,000 bitcoin was missing in 2019, and client withdrawals from the brokers ceased, prompting an investigation. The organization then applied for judicial recovery, which is a sort of exemption that allows an entity to pay creditors without having to file for bankruptcy.Thousands of investors are said to have been damaged as a result of the fraud.

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