Brazil bitcoin pyramid schemes wreak havoc in Rio de janero’s cabo frio city

• ByStartupStory     |    January 24, 2022

Cabo frio, seaside city 230, 000 people in Rio de Janeiro’s state called as “ New Egypt” due to the bitcoin fervour and high number of alleged pyramid schemes.

 The central figure in what is alleged to one of Brazil’s biggest- ever pyramid schemes is 38- year- old  glaidson Acàcio dos Santos.

Police say his company G.A.S consulting and technology, a cryptocurrency investment firm, had total transactions worth at least $ 7 billion ($ 38 billion reals) from 2015 by mid- 2021 as an allotment of a bitcoin- based Ponzi scheme that promised investors 10% monthly returns.

In april, Brazil’s federal police stormed the helipad of a boutique seaside hotel in Rio de Janeiro state, where they busted two men and a woman freighting a chopper with 7 millions reais ($ 1.3 million) in neatly packed bills.

The detainees told police they worked for G.A.S consulting & technology, a cryptocurrency investment firm discovered by a former waiter – turned- multi millionaire who is the central figure in what is alleged to be one of Brazil’s biggest- ever pyramid schemes.

 Police say the company owned by 38- year- old glaidson Acácio dos Santos had total transactions worth at least $ 7 billion from 2015 through mid- 2021 as part of a bitcoin- based Ponzi scheme that promised investors 10% monthly returns.

In around hundred of pages of documents obtained by the Associatied Press, federal and state police and prosecutors accuse dos Santos and his associates of running a convoluted racket defrauding thousands of small- scale investors who believed they were becoming rich off bitcoin’s Steep appreciation.

 He is lately in a Rio Jail being waiting for trial on charges including racketeering, financial crimes and ondering the murder and attempted murder of two business competitors.

He remains under discovering in the attempted murder of a third competitor.

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