"Bitcoin Elder" and a cryptocurrency gang in the grip of the Brazilian police
On Thursday, Brazilian police seized gold bars, luxury watches, piles of cash, and others as part of a campaign against a group accused of implementing a multimillion-dollar international pyramid scheme using fake investments in cryptocurrencies.
The federal police said in a statement that the group is accused of deceiving thousands of investors in Brazil, the United States, and at least 10 other countries by persuading them to "rent" cryptocurrency assets, where they allegedly offer returns of up to 20% per month.
The police also explained that while part of the money was used to pay the monthly installments, the remainder was used to purchase high-value properties, luxury cars, boats, designer clothing, jewelry, and other items for the suspects themselves.
The campaign, involving about 100 police officers, came after the U.S. Department of Homeland Security reported to Brazilian authorities a multi-million dollar money laundering case involving the Ponzi cryptocurrency scheme outside Brazil.
The group is accused of transferring up to 770 million $ in Brazil alone over 6 years.
The alleged mastermind of the scheme is a person nicknamed "Bitcoin Elder", as the press called him based in Curitiba, southern Brazil, where he claimed to have gathered a large team of cryptocurrency traders.
In this context, the police said that the group, which included many members of his family, had also sold its supposed cryptocurrencies and promised very high monthly returns.
According to Brazilian media reports, the victims included footballers and the daughter of a popular television broadcaster.
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