Bitcoin
Bitcoin. Photo by Bitcoin BCH on Unsplash

Claudio Oliveira, owner of the Bitcoin Bank in Brazil and known as the ‘King of Bitcoin,’ was arrested yesterday for his alleged participation in a fraud scheme involving $300 million or R4.3 billion.

Bitcoin.com reported that Oliveira, who owned the Bitcoin Bank, reported a crypto hack on his company back in 2019.

But according to police investigations, this was a staged crime to cover the withdrawal of these cryptocurrencies. Brazilian police also seized eight luxury cars and jewels.

Operation Daemon, which cracked down on the Bank scheme, resulted in the arrest of four more individuals. The police searched 22 locations in one of the biggest operations against a cryptocurrency organization in the country. 90 police officers participated in the sting.

The police organized this task force after the Bank failed to collaborate in the investigations of the alleged fake cryypto hack. While the authorities investigated the crime, the organization received a judicial order allowing them to keep operating.

Oliveira is now facing charges of embezzlement, money laundering, criminal organization, and crimes against the national financial system.

For original story read: Brazilian ‘King of Bitcoin’ Arrested for Involvement in Alleged $300 Million Fraud

Also read: What you Need to Know Before Buying Bitcoin

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