Brazil’s ‘Bitcoin Pharaoh’ Ordered to Reimburse Conned Investors With $3.7B (Report)
Brazilian authorities reportedly ordered Glaidson Acácio dos Santos, known as the “Bitcoin Pharaoh,” to deposit 19 billion Brazilian reals (nearly $3.7 billion) in court. The money will be transferred to more than 122,000 investors and creditors who have fallen victim to its fraudulent cryptocurrency scheme.
Last year, the Brazilian Federal Police organized a special mission called “Operation Krypton”, and they subsequently stopped Santos’ illegal activities. In addition, they also confiscated $28.7 million worth of digital assets as well as about $3.6 million in cash and various luxuries.
‘Bitcoin Pharaoh’ has 48 hours
recent coverage Brazilian media Grupo Globo revealed that judge Rosália Monteiro Figueira of the Third Federal Criminal Court in Rio de Janeiro ordered Glaidson Acácio dos Santos to deposit about $3.7 billion. As such, the businessman and former priest (known by his pseudonym “Bitcoin Pharaoh”) will refund the 122,072 investors who lost funds as a result of his pyramid scheme.
Santos has 48 hours to transfer money, according to the authorities’ ruling. Once deposited in court, the money will be distributed to individuals claiming to be victims. It’s worth noting that debt payments will only be accepted if the “bitcoin king” can prove the source of the funds is legitimate.
Santos’ attorney, Ciro Chagas, filed a complaint against Judge Figueira’s order, saying the payment terms were inconsistent with “the actual situation of the company.”
“Explain the flow of inbound and outbound transactions in the company’s accounts over the years as if the balances were due. Therefore, the defense expresses its disapproval of the above decision and will definitely review it,” he added.
Not long ago, Santos showed his intention to run for federal representative of the Christian Democrats.However, last week the Brazilian court unanimously approved rule He should stay away from politics because he is involved in a bitcoin scam.
Largest cryptocurrency seizure in Brazil’s history
In August 2021, Brazil’s federal police stopped the activities of Santos’ cryptocurrency investment firm and arrested him and four others in one of Rio’s most expensive neighborhoods.
According to authorities, the company promised to return investors up to 15 percent of their investment assets, but in exchange, the “Bitcoin Pharaoh” and his partners allegedly used the funds to buy expensive watches and luxury cars.
During the operation, police seized the items, along with $28.7 million worth of cryptocurrency, which headlined the largest cryptocurrency seizure in the South American country’s history.
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