Bitcoin King Arrested On Charges Of Embezzling $ 300m

The Coindesk report revealed that Brazilian “bitcoin tycoon” Claudio Oliveira has been arrested on charges of embezzling $ 300 million. An official press release revealed the rest after law enforcement conducted a three-year investigation. Police were investigating the alleged fraud company created by Oliveira. Claudio Oliveira, president of the Bitcoin Banco Group, is better known by the name “King of bitcoin.”

This is because Oliveira was one of the first people in Brazil to openly share their profits from bitcoin with the world. The fame he gained through this earned him the nickname”bitcoin king”.

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Bitcoin Banco Group, A Brazilian brokerage firm, has been under investigation since 2019 after the company claimed to have lost 7000 bitcoins owned by investors as a result of an alleged hack. Bitcoin Blanco has forced investors to invest with them, promising them exorbitant profits. The first sign of a bad plan. It later emerged that the company was less than legal when it began to block investors from being able to withdraw their funds with them.

Bitcoin Hack
In 2019, the company reported that 7000 bitcoins were missing and filed a criminal complaint from the authorities. This was a special arrangement with the Brazilian authorities, who had to reorganize the company’s finances. They reportedly took the step to repay their investors and creditors, who lost money as a result of the alleged hacking.

But it didn’t last long after it was discovered that the company had failed to meet the obligations they had assumed during the court order. The company also continued to offer investment contracts to investors without effectively complying with market regulatory requirements.

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