Claudio Oliveira, also known in Brazil as the King of the BTC, was involved in a recent scandal. The Brazilian police charged and arrested Oliveira for embezzlement. The amount he has embezzled through a cryptocurrency scheme is reportedly around $ 300 million in cryptocurrency and this huge sum was extracted from several investors.
Not the first incident for the Bitcoin Banco Group
This is not the first incident for the Brazilian Banco Group. Two years ago, Oliveira’s group reported 7,000 BTC missing. The plan was to benefit from a Brazilian law under which the group could apply for judicial recovery and pay back all the creditors.
The Brazilian federal police were after his tracks
The decision of the Brazilian federal police came after a three-year investigation and after gathering solid evidence of fraud and embezzlement.
The Brazilian police declared through a press conference that there was a massive operation. They used up to 90 police officers to arrest Oliveira and investigate the frauds from 2019 and 2020.
2020 was also a bad year for the Bitcoin Banco Group
After applying for judicial recovery in 2019, it was not possible for the group to benefit from the Brazilian law because an investigation determined that Oliveira’s group was still carrying on several activities. Some of them included the promotion of activities and attracting new investors without properly register them.
The federal police named the investigation operation Daemon and, so far, there have been no more declarations to find out if more BTC has disappeared from the group, apart from the 7,000 BTC in 2019 and the $3000 million. This is just the beginning of a lengthy investigation for the Brazilian Bitcoin Banco Group and its president.