Brazil's Bitcoin King Arrested for Defrauding $300M
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Claudio Oliveira, known as Brazil's "Bitcoin King," has been arrested and charged by the country's federal police for allegedly orchestrating a 1.5 billion reais (approximately $300 million) Bitcoin-related fraud scheme.

Oliveira, president of Brazilian crypto brokerage Bitcoin Banco Group, allegedly lost 7,000 BTC in investor funds.

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The Brazilian police have reportedly issued one preventive arrest warrant, four temporary arrest warrants and 22 search and seizure warrants.

According to investigations, Bitcoin Banco Group attracted investors by promising them exorbitant daily returns. The police started investigating the company back in 2019, when some users reported they were facing problems to withdraw their funds.

That same year the platform claimed it had been attacked by hackers, however, it failed to provide any evidence.

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