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More than 100 Brazilian police agents carried out a simultaneous raid in three federal states at twenty addresses linked to a fraudulent network controlled by Francisco Valdevino da Silva.
According to authorities, the group of Francisco Valdevino da Silva, also known as the "Bitcoin Sheikh", is suspected of embezzling and laundering crypto assets worth more than $700 million from thousands of Brazilians, as well as citizens of at least ten other Latin American countries and the United States.
In most cases, the criminals promised investors a monthly return of up to 20% of the investment, claiming that their team of "experienced cryptocurrency traders will contribute to guaranteed profits." In addition, De Silva's gang offered to invest in allegedly their own cryptocurrencies, which in fact had neither support nor liquidity.
The police raid took place after the completion of an international investigation by Interpol, conducted jointly with the US Department of Homeland Security. From the materials published by the authorities, it became known that in addition to De Silva, members of his family were involved in the management of the fraudulent network.
Recall that at the end of September, the Federal Police of Brazil conducted searches in 15 firms and detained 11 people suspected of creating a cryptocurrency pyramid. The investigation showed that the organizers created a network of fictitious crypto companies, with the help of which they lured about $6 million from victims.
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'Bitcoin Sheikh' Sentenced to 56 Years in Prison for Fraud
The Federal Court of Brazil has sentenced the organizer of a large-scale crypto pyramid, Francisco Valdevino da Silva, nicknamed "Bitcoin Sheikh", to 56 years in prison.
The court's final verdict said Francisco Valdevino da Silva "acted with complete disregard for people who invested their savings in Rental Coins, as well as persuaded friends and relatives to invest money."
The court noted that the scam was carefully thought out and was accompanied by high-profile public events in several countries and prize draws, and the headquarters of the crypto pyramid was located in a prestigious building.
"All this was just fiction and an attempt to deceive the victims. All employee trips, including international ones, were paid for with money received from the victims, which demonstrates a total disregard for the suffering of others who naively believed in the Rental Coins scheme," the judge said.
In addition to the prison term, the prosecutor's office requested damages to the victims of Rental Coins in the amount of at least 1.1 billion reais ($195 million).
Last October, more than 100 Brazilian police agents carried out a simultaneous raid in three federal states on twenty addresses linked to a fraudulent network controlled by Francisco Valdevino da Silva.
According to authorities, the group of Francisco Valdevino da Silva, also known as the "Bitcoin Sheikh", is suspected of embezzling and laundering crypto assets worth more than $700 million from thousands of Brazilians, as well as citizens of at least ten other Latin American countries and the United States.
In most cases, the criminals promised investors a monthly return of up to 20% of the investment, claiming that their team of "experienced cryptocurrency traders will contribute to guaranteed profits." In addition, De Silva's gang offered to invest in allegedly their own cryptocurrencies, which in fact had neither support nor liquidity.
The police raid took place after the completion of an international investigation by Interpol, conducted jointly with the US Department of Homeland Security. From the materials published by the authorities, it became known that in addition to De Silva, members of his family were involved in the management of the fraudulent network.
Recall that at the end of September, the Federal Police of Brazil conducted searches in 15 firms and detained 11 people suspected of creating a cryptocurrency pyramid. The investigation showed that the organizers created a network of fictitious crypto companies, with the help of which they lured about $6 million from victims.
----
'Bitcoin Sheikh' Sentenced to 56 Years in Prison for Fraud
The Federal Court of Brazil has sentenced the organizer of a large-scale crypto pyramid, Francisco Valdevino da Silva, nicknamed "Bitcoin Sheikh", to 56 years in prison.
The court's final verdict said Francisco Valdevino da Silva "acted with complete disregard for people who invested their savings in Rental Coins, as well as persuaded friends and relatives to invest money."
The court noted that the scam was carefully thought out and was accompanied by high-profile public events in several countries and prize draws, and the headquarters of the crypto pyramid was located in a prestigious building.
"All this was just fiction and an attempt to deceive the victims. All employee trips, including international ones, were paid for with money received from the victims, which demonstrates a total disregard for the suffering of others who naively believed in the Rental Coins scheme," the judge said.
In addition to the prison term, the prosecutor's office requested damages to the victims of Rental Coins in the amount of at least 1.1 billion reais ($195 million).
Last October, more than 100 Brazilian police agents carried out a simultaneous raid in three federal states on twenty addresses linked to a fraudulent network controlled by Francisco Valdevino da Silva.
