Brazilian authorities have arrested five individuals and confiscated nearly $29 million worth of cryptos in a sting operation.
The special mission, dubbed “Operation Kryptos” exposed a local financial pyramid scheme, with $28.7 million in cryptos being seized during the operation. The said amount has set a new record as the largest seizure of cryptocurrencies in the history of Brazil.
According to a report by CNN Brazil, officials arrested five persons after inspecting 15 locations. Glaidson Acácio, an owner of a Bitcoin consultant firm in the municipality of Cabo Frio, was among the suspects arrested. Officials claim that he was in charge of a crypto Ponzi scheme that promised investors a return of up to 15% of invested capital.
Commenting on the case, Acácio’s defense attorneys said:
Glaidson Acácio’s defense is aware of the arrest and so far without access to the contents of the investigations. Only after proper analysis of all documentation will we be able to express ourselves in a concrete manner.
In addition to the huge amount of cryptos that was confiscated, law enforcement also seized $3.6 million in cash, 21 luxury cars, expensive watches, documents, and values in foreign currency.