Brazilian Police arrest Banco Group President for allegedly Embezzling Crypto worth $300M

Brazilian self-proclaimed Bitcoin King Claudio Oliveira has been arrested and charged by the Federal Police for his alleged involvement in a crypto scam worth around $300,000 (R$1.5 billion).

Oliveira was president of Bitcoin Banco Group, a Brazilian Crypto Brokerage firm that mischievously reported 7,000 missing Bitcoins in 2019.

The Civil Police of Paraná initiated an investigation into the issue after several complaints by disgruntled victims.

Eventually, the Federal Police in Brazil had to step after Bitcoin Banco filed for judicial recovery but failed to fulfil the obligations required.

90 police officers participated in exercise (operation Daemon) that lead to Claudio Oliveira’s arrest.

NEXT: US Dept of Justice receive $19.2M proceed from seized Bitcoin

About Godwin

Godwin is a multi-faceted writer. He covers the latest and most significant news in the crypto industry for Newsbsc. Aside from his work here, he writes exceptional SEO optimized web contents for other websites in different sectors.

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