In an ongoing campaign against crypto-related financial crimes, Brazilian Police on Wednesday seized nearly $29 million in digital assets from fraudulent companies. According to a report on <a href="https://www.cnnbrasil.com.br/business/policia-federal-faz-maior-apreensao-de-criptomoedas-da-historia-r-150-milhoes/" target="_blank" rel="nofollow noopener">CNN Brasil</a>, the federal police carried out investigations in Rio De Janeiro and issued 15 search warrants in connection with crypto-related money scams.
<h2>Brazilian Police Confisicates $29M in Crypto Investment Scam</h2>
The police investigation concluded that Glaidson Acácio and four others ran an alleged pyramid scheme through a Bitcoin consultancy in Cabo Frio, Rio de Janeiro. This scheme lured investors with promises of guaranteed returns of up to 15%.

During the fulfillment of the search warrant, the police seized around $19 million reals and 21 luxury vehicles, jewelry, high-end watches, and foreign currency from the accused. However, this was a drop in the ocean compared to the $150 million reals confiscated in cryptocurrencies from the raids in Operation Kryptos.

Acácio’s lawyers released a statement following his arrest that claimed they lacked access to the contents of the investigation. They added, “Only after proper analysis of all documentation will we be able to express ourselves in a concrete manner.”

The latest investigation comes close on the heels of last month’s crackdown against <a href="https://www.cryptoknowmics.com/news/brazils-bitcoin-king-arrested-for-alleged-300-million-fraud/">crypto money</a> laundering. It was widely reported that the Brazilian police had confiscated $33 million from crypto exchanges that used fictitious companies to buy and sell Bitcoin. Dubbed as Operation Exchange, the proceedings involved 17 fabricated organizations and two individuals.
<h2>Brazil’s Nationwide Campaign Against Crypto Crimes</h2>
Since 2018, <a href="https://www.cryptoknowmics.com/news/brazils-central-bank-president-acknowledges-demand-for-crypto-regulations/">authorities</a> in Brazil are running a nationwide campaign against the misuse of cryptocurrencies called Operation Compliance. The campaign was launched with 150 federal police officers, who conducted 34 raids in various cities of the country, including Goiânia, Campo Grande, São Paulo, Laranjal Paulista, Recife, and Vitória.

So far, the initiative has identified hacking attempts and blocked bank accounts and crypto portfolios of more than 30 entities. Earlier this month, a federal court ordered the first sale of seized Bitcoins to reimburse investors who had lost money in a Ponzi scheme.

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Brazilian Police Make Biggest Seizure in Crypto Investment Scam

In an ongoing campaign against crypto-related crimes, Brazilian Police on Wednesday seized nearly $29 million in digital assets from fraudulent companies.

Divya is a postgraduate from Jawaharlal Nehru University specializing in International Relations and a professional writer with more than 5 years of experience writing for the web. She is an avid reader interested in the global financial system and the effects of decentralization. At Cryptoknowmics, she hopes to deliver clear and understandable content to inform readers about the latest events in the crypto sector.

Brazilian Police Make Biggest Seizure in Crypto Investment Scam

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