Brazilian ‘Bitcoin King‘ Arrested For Involvement In Alleged $300 Million Fraud

Brazilian ‘Bitcoin King‘ Arrested For Involvement In Alleged $300 Million Fraud
Claudio Oliveira

Claudio Oliveira, proprietor of the Bitcoin Bank in Brazil and known as the ‘Lord of Bitcoin,’ was captured yesterday for his supposed cooperation in an extortion plot including $300 million.

As per requests from government specialists, Oliveira faked a Bitcoin hack back in 2019 in which his organization lost a lot of bitcoin. In excess of 7,000 clients lost their assets in this phony hack.

The Federal Brazilian Police apprehended Claudio Oliveira yesterday for his supposed involvement in a $300 million fraud scheme. Oliveira, who owned the Bitcoin Bank, reported a bitcoin hack on his company back in 2019. But according to police investigations, this was a staged crime to cover the withdrawal of these cryptocurrencies. Brazilian police also seized eight luxury cars and jewels.

Operation Daemon, which cracked down on the Bitcoin Bank scheme, resulted in the arrest of four more individuals. The police searched 22 locations in one of the biggest operations against a cryptocurrency organization in the country. 90 police officers participated in the sting.

The police organized this task force after the Bitcoin Bank failed to collaborate in the investigations of the alleged fake Bitcoin hack. While the authorities investigated the crime, the organization received a judicial order allowing them to keep operating. Oliveira is now facing charges of embezzlement, money laundering, criminal organization, and crimes against the national financial system.

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