US and Brazil Authorities Seize $24 Million in Cryptocurrency US and Brazil Authorities Seize $24 Million in Cryptocurrency


US and Brazil Authorities Seize $24 Million in Cryptocurrency

updated on:6 Nov 2020

Authorities from both nations seized the cryptocurrency that was allegedly generated by a lucrative online scam.

Brazilian and America authorities worked together to seize the stolen cryptocurrency funds. The investigation, led
by Brazil, requested the assistance of American law enforcement. It is estimated that over $200 million was given by
unsuspecting victims. American and Brazilian law enforcement authorities have seized a total of
$24 million in

cryptocurrency allegedly generatedthrough an online fraud scheme.

"Operation Egypto," an investigation led by Brazilian authorities with the help of American law enforcement, tracked down
Marcos Antonio Fagundes. Fagundes has been charged with the operation of a financial institution without legal authorization,
fraudulent management of a financial institution, misappropriation, money laundering, and the violation of securities law.

It is alleged that Fagundes, as well as co-conspirators, used the internet to solicit investments from victims into new financial
opportunities. These individuals would then part with their funds—either in the form of Brazilian fiat currency or cryptocurrency—much
of which was then used to line the pockets of Fagundes and his associates.
"To carry out the scheme, the conspirators are alleged to have made false and inconsistent promises to investors about the way the
funds were invested and exaggerated the rates of return," the US Department of Justice said on Wednesday.

Share this Blog with your friends


No Comments

Suggested Content

Bitcoin 'Doesn’t Fulfill Basic Properties of Money': ECB Board Member

updated on:10 Apr 2021

Isabel Schnabel, Member of the Executive Board of the European Central Bank (ECB), has described Bit

Continue Reading

Bitcoin ETF Approval Will Happen: Morgan Creek’s Mark Yusko

updated on:9 Apr 2021

Morgan Creek Capital Management CEO Mark Yusko has expressed his confidence that a Bitcoin ETF will

Continue Reading

Ukrainian Officials Own $2.67 Billion in Bitcoin: Report

updated on:9 Apr 2021

Civil servants and officials in Ukraine are holding a significant amount of Bitcoin (BTC) and other

Continue Reading

JP Morgan's Jaime Dimon: Bitcoin Regulation a ‘Serious Emerging Issue’

updated on:8 Apr 2021

The legal and regulatory status of Bitcoin and other cryptocurrencies is something that needs to be

Continue Reading

Bitcoin Toys With $60k, BNB Hits All-Time High and Ethereum Creeps Past $2,000

updated on:3 Apr 2021

It’s all systems go for the crypto market.  Binance Coin hit a new all-time high of $3

Continue Reading