Endgame for the “Bitcoin Pharaoh” and his huge $3.7 billion Ponzi scheme

News item – Scams and others ponzi pyramids are commonplace in the crypto world and alert regulators and other international financial policemen. Recently, it was in Brazil that a top-notch crypto scammer found himself caught by Brazilian justice. Judged yesterday Glaidson Acacio dos Santosthe one nicknamed in South America ” Bitcoin Pharaoh ” has thus 72 hours to reimburse 19 billion Brazilian reais or approximately 3.7 billion dollars.

Bitcoin Pharaoh on trial in Brazilian federal court

Involved in a pyramid scheme, the company Dos Santos was dismantled by Brazilian investigators in August 2021. 591 bitcoins were then seized for a value of $28 million. The ruling gives Dos Santos 72 hours to repay 19 billion Brazilian reais or $3.7 billion to a bank account at the Brazilian Commercial Court.

The Brazilian newspaper O Globo we Explain as well as these funds will allow to reimburse more 122,000 creditors. The origin of the funds will of course have to be legal. In addition, the pharaoh will not be able to stand for election for a deputy seat as he had planned. Indeed, imprisoned for more than a year, certainly, the Brazilian justice intends to keep the Bitcoin pharaoh in his sarcophagus for a few more years.

This case echoes many others. National and international financial police, with a view to protect consumers, victims, thus continue to arrest many crypto scammers across the world. The first on the list being right now Do Kwon, Interpol’s number one crypto enemy.

Avoid too-good-to-be-true offers like the plague and get into the habit of being healthy with suspicion. On the other hand, also learn to place reasonable trust in respectable and recognized players in the ecosystem. The FTX platform falls without a shadow of a doubt into this second category. Come acquire and trade your first bitcoins and other cryptocurrencies. Join FTX. You will benefit from a lifetime discount on your transaction fees (commercial link).

John R. Zepeda

I have extensive experience working as a content writer in the areas of cryptocurrencies and finance, where I create interesting pieces that both inform and engage their audiences.

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