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.