Brazilian ‘bitcoin king’ arrested in an alleged $300 million embezzlement case | Currency News | Financial and Business News

 Brazilian ‘bitcoin king’ arrested in an alleged $300 million embezzlement case | Currency News | Financial and Business News
Brazilian police discuss the July 2021 arrests of people involved in an alleged bitcoin scam.

  • Police in the Brazilian state of Parana have arrested several people for their alleged involvement in a bitcoin scam.
  • A self-proclaimed ‘bitcoin king’ was among those arrested over the scheme after a three-year investigation.
  • The alleged scam harmed thousands of customers of a crypto brokerage firm, police said.
  • See more stories on Insider’s business page.

A self-proclaimed “bitcoin king” in Brazil is among those arrested by police in a case accusing the group of running a $300 million embezzlement scheme.

The arrests follow a three-year investigation in the southern Brazilian state of Parana that was conducted by 90 federal officers. Police outlined the case in a Monday press conference, including the arrest of Claudio Oliveira, the so-called “Bitcoin King” who was the alleged ringleader in the…

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