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Brazilian Law Enforcement Seizes $28.8 Million in Cryptocurrency

According to a CNN Brazil story, Brazilian Federal Police confiscated R$150 million ($28.8 million) in crypto assets and made five arrests after clamping down on an alleged financial pyramid scheme.

  • On Wednesday, police executed 15 search warrants, seizing R$19 million ($3.6 million) in cash, 21 luxury cars, high-end watches, and jewelry, according to CNN.
  • Police were investigating an alleged financial pyramid scam as part of "Operation Kryptos."
  • Glaidson Acácio dos Santos, the proprietor of a bitcoin consultancy in Rio de Janeiro's Lakes Region, was among the five people arrested. Today is his custody hearing.
  • “Glaidson Acácio's defense is aware of the arrest and has so far been denied access to the contents of the investigations,” his defense team said in a statement to CNN. We shall be able to express ourselves in a specific way only after a thorough examination of all documentation.”
  • In July, civil police in Brazil seized $33 million in a money laundering probe involving crypto exchanges in Sao Paulo and Diadema.

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