Share this article
Brazil's Bitcoin Banco Group and Leader Arrested for Alleged Embezzlement of $300M in Crypto
The operation was carried out on intelligence gathered over a three-year investigation into alleged fraud and and embezzlement scams.
Updated Sep 14, 2021, 1:21 p.m. Published Jul 6, 2021, 2:03 a.m.
Federal Police in Brazil have arrested members and a leader of the Bitcoin Banco group for their alleged involvement in an embezzlement scheme.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
- In a press conference streamed live on Monday, police named businessman and self-proclaimed "Bitcoin King" Claudio Oliveira, as leader of the group.
- The group is alleged to have embezzled R$1.5 billion (US$300 million).
- Operation Daemon was conducted by around 90 federal police officers in Curitiba and the Metropolitan Region, according to a police press release on Monday.
- The operation was based on intelligence gathered over a three-year investigation which alleges the group engaged in fraudulent scams and embezzlement.
- In 2019, the group reported 7,000 bitcoin had gone missing and client withdrawals from the group's brokers ceased, sparking an investigation.
- After which, the group filed for a judicial recovery – a type of exemption allowing an entity to pay creditors without filing for bankruptcy.
- The fraud is alleged to have harmed thousands of investors.
Read more: Founders of South African Crypto Investment Firm – and $3.6B in Bitcoin – Are Missing
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
SGX's Crypto Futures Draw New Liquidity, Not Diverted Cash, Exchange Boss Says
Institutions are pursuing cash-and-carry arbitrage, not outright bullish plays, Syn said.
What to know:
- SGX's bitcoin and ether perpetual futures are building liquidity incrementally, Michael Syn, president of the Singapore exchange, said.
- Institutions are pursuing cash-and-carry arbitrage, not outright bullish plays, he added.
- The exchange's regulated perpetual futures offer improved risk-management practices, avoiding the high-leverage auto-liquidations common in unregulated markets.
Top Stories
