Crypto

Final for “Bitcoin Pharaoh” and his massive $3.7 billion Ponzi scheme

News – Scams and other Ponzi schemes are commonplace in the crypto world and alert regulators and other international financial cops. Recently in Brazil, a first-class crypto scammer was caught by Brazilian justice. Judging from yesterday, Gladeson Acasio dos Santos, who is known in South America as the “Bitcoin Pharaoh”, thus has 72 hours to refund 19 billion Brazilian reals, or approximately $3.7 billion.

$3.7 billion to be returned – Bitcoin pharaoh put in a sarcophagus

Dos Santos’ company, involved in a pyramid scheme, was liquidated by Brazilian investigators in August 2021. During the investigation, 591 bitcoins were seized: at that time it was worth $28 million. The ruling gives Dos Santos several tens of hours to return 19 billion Brazilian reais to a bank account in a commercial court.

Brazil’s O Globo newspaper explains to us that the funds will help recover more than 122,000 creditors affected by dos Santos. The origin of funds, of course, must be legal. In addition, the pharaoh will not be able to run in the elections as he planned. Indeed, after serving more than a year in prison, Brazilian justice intends to keep the bitcoin pharaoh in his sarcophagus for several more years.

This case resonates with many others. The national and international financial police, in order to protect consumers who have been injured, continue to arrest many crypto scammers around the world. First on the list right now is Do Kwon, Interpol’s number one crypto enemy.

Avoid offers that are too good to be true like the plague and develop the habit of being healthy with suspicion. On the other hand, also learn to sensibly trust respected and established players in the ecosystem. The FTX platform without a shadow of a doubt belongs to the second category. Come buy and trade your first bitcoins and other cryptocurrencies. Join FTX. You will receive a lifetime discount on transaction fees (commercial link).

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