Brazilian Police Seize $ 28 Million In Bitcoin In Alleged Ponzi Scheme In The Country’s Largest Crypto Seizure | Currency News | Financial and business news

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Brazilian police seized $ 28.5 million in bitcoin as part of an alleged Ponzi scheme earlier this week. Police said it was the largest cryptocurrency seizure in the country’s history. They also arrested 5 people and confiscated 21 luxury cars and other high-value goods related to the alleged scheme. Sign up for our daily newsletter, 10 things before the opening bell here.

Brazilian Federal Police made one of the largest crypto seizures in the country earlier this week when they seized 591 bitcoins (worth $ 28.5 million based on current prices) linked to an alleged Ponzi scheme.

In a press release, police said a company based in the Lagos region was operating a system of Ponzi schemes linked to speculation in the cryptocurrency market. The companies involved in the fraud totaled billions of dollars and half of their transactions took place last year, police said.

Police also arrested five people linked to the scheme and confiscated more than $ 3 million in cash, 21 luxury vehicles, jewelry, luxury watches and other documents.

Glaidson Accio was one of those arrested in the operation. According to a CNN Brasil report, he is believed to have run the program which offered returns of up to 15% to investors. The report also notes that the seized bitcoin will be liquidated and made available to the courts.

Police said it would be the task force’s largest cryptocurrency seizure.

They called the operation “Operation Kryptos”, explaining that it was the Greek word for “hidden”, which they said gave “birth to the term crypto”.

The arrest and crypto seizure come after police arrested a self-proclaimed “bitcoin king” in July in a separate case involving a $ 300 million embezzlement scheme.

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