2023-07-18 20:10:11
© Reuters. PF action targets cryptocurrency fraud in Santa Catarina
CriptoFácil – The Federal Police (PF) launched this Tuesday morning (18), the Kripto operation in order to combat fraud with cryptocurrencies in Santa Catarina.
According to a PF note to the press, federal police agents served two search and seizure warrants in the cities of Araranguá and Passo de Torres, both in Santa Catarina.
According to the PF note, the investigation in question began in 2021. At the time, the Federal Police identified that those investigated raised funds from third parties for the purpose of investing in cryptocurrencies. Those investigated promised “investors” profitability through operations with such assets.
In addition, the agents discovered that one of the investigated would have appropriated the amounts received from the victims of the scheme. The PF estimates that the alleged coup caused a loss of BRL 1.5 million to investors in the scheme.
The crimes that the PF investigates are against the national financial system, with a penalty of one to four years of imprisonment and a fine. The Federal Police did not disclose the name of the company, nor the names of the investigated target of the Kripto operation for legal reasons.
Cryptocurrency pyramids and scams
The “modus operandi” of those investigated in Operation Kripto resembles that of financial pyramid schemes that use cryptocurrencies as bait to attract victims. In general, companies and/or their leaders promise periodic returns to investors with returns well above those practiced in the market.
It is worth mentioning that it is not possible to offer a fixed income on investments in cryptocurrencies, as it is a volatile asset. The price of a cryptocurrency varies by 10% in a single day, for example.
The occurrence of these fraudulent practices has been frequent in Brazil and several companies are identified as cryptocurrency pyramids by local authorities. The most prominent recent case in Brazil is that of GAS Consultoria, of the “Bitcoin Pharaoh”, Glaidson Acácio dos Santos. Arrested since 2021, he is accused of moving R$ 38 billion with a pyramid scheme.
Due to the explosion of pyramids with cryptocurrencies, the Chamber of Deputies installed in June the Parliamentary Commission of Inquiry (CPI) that aims to investigate financial pyramids that use cryptocurrencies.
At the end of June, as reported by CriptoFácil, the CPI convened a series of representatives of the main crypto exchanges in Brazil. In addition, it summoned suspects of operating fraudulent schemes, including Glaidson, who has already provided clarifications to the CPI as an investigator.
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