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Why the Brazilian ‘king of Bitcoin’ is facing fraud | Ticker VIEWS

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Brazil busts its ‘king of Bitcoin’

Authorities arrest Claudio Oliveira for embezzling cryptocurrency

Oliveira is the leader of Brazil’s Bitcoin Banco Group. Even though he calls himself the “King of Bitcoin,” he’s facing a 300 million dollar fraud job.

The Brazilian Federal Police launched the three-year investigation into Oliveira.

In 2019, the Banco Group reported 7 thousand bitcoin had gone missing. Client withdrawals from the group’s brokers also ceased, sparking an investigation.

After that point, the group filed for a judicial recovery. This is basically a type of exemption allowing a group to pay creditors without filing for bankruptcy. Of course, this was a lie.

A Brazilian police press release says around 90 federal police officers in Curitiba and Brazil were involved in Operation Daemon.

Brazilian king of Bitcoin

The fraud allegedly harmed thousands of investors

It comes after another recent Bitcoin disappearance.

The founders of a South Africa-based crypto investment firm disappeared along with 69,000 bitcoins – worth an estimated $3.6 billion.

The entrepreneur, who set up the service with his brother, said he is currently in hiding due to death threats.

Crypto

North Korea bears the brunt of the crypto market crash

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The crypto market crash is impacting North Korea’s weapons programme

The recent crypto market crash has made its way to North Korea, where hackers are bearing the brunt.

The isolated country relies on stolen crypto to fund part of their weapons program.

But as crypto holdings drop by millions of dollars, the nation is reportedly scrambling to find new ways to fund Pyongyang’s missile plans.

KCNA

North Korea has ramped up its stolen crypto assets in recent times leading to one of the largest cryptocurrency heists on record earlier this year.

Hackers allegedly stole $615 million worth of crypto prompting the U.S. tplace a warning about potential workers who are hiding their identities to find jobs abroad.

Meanwhile, crypto holdings have decreased in value with the market sliding below $1 trillion for the first time since January 2021.

Katerina Kostakos contributed to this report

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Russian Police investigate a crypto mining facility

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Russian Police are investigating a crypto mining facility, which is suspected of defrauding clients

It’s understood the miners handed devices to those who were running a mining hotel.

They are also accused of stealing their expensive coin minting hardware, and stopping payments to their customers.

The scam allegedly took place from November to May, where the suspects worked with people who wanted to install their coin minting hardware in a mining hotel.

They were offered electricity prices that were below market value.

Electricity consumed by some of the world’s largest cryptocurrencies has dropped by nearly half.

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Gucci goes big in metaverse with new Vault Art Space

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Forward thinkers who love fashion, this exhibit is for you

Luxury brand Gucci has opened a Vault Art Space as it continues to explore the art world and the metaverse

Gucci inaugurated the gallery in a partnership with NFT marketplace SuperRare

The debut exhibit is titled “The Next 100 Years of Gucci”

Spring Cry by Alanna Vanacore

Keep your eye out for a special selection of NFT artworks, each a collectible fragment of Gucci’s heritage.

The artworks are showcased and auctioned off directly on Vault’s website in three drops between now and the end of July.

All sales will be in Ethereum.

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