bitcoin: Brazil: Bitcoin pyramid schemes wreak havoc in Rio de Janeiro’s Cabo Frio city – The Economic Times Video

Cabo Frio, a seaside metropolis of 230,000 individuals in Rio de Janeiro state, got here to be often known as “New Egypt” because of the Bitcoin fervor and excessive variety of alleged pyramid schemes. The central determine in what’s alleged to be considered one of Brazil’s biggest-ever pyramid schemes is 38-year-old Glaidson Acácio dos Santos. Police say his firm, G.A.S Consulting & Know-how, a cryptocurrency funding agency, had whole transactions value a minimum of $7 billion ($38 billion reals) from 2015 by mid-2021 as a part of a Bitcoin-based Ponzi scheme that promised traders 10% month-to-month returns.