The Brazilian authorities have arrested the president of the Bitcoin Banco Group – Claudio Oliveira. According to them, he was responsible for swiping 7,000 bitcoins from customers worth $250 million today.
‘The Bitcoin King’ Got Busted
In a recent online press release, the Brazilian officials reported the arrest of Claudio Oliveira. He was the man in charge of the Bitcoin Banco Group – a company promising high returns for clients who invest their bitcoins with it.
Following a three-year investigation, the Federal Police proved that the firm duped at least $250M from thousands of customers.
The first signs of fraud occurred in 2019 when 7,000 bitcoins disappeared, which led to the opening of the case. In its turn, the Bitcoin Banco Group applied for a judicial recovery order – a financial trick by which the firm can avoid bankruptcy.
In the meantime, the company did not stop providing its services to its customers and failed to define why the assets are missing. Moreover, the
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