Brazil's Federal Police raided addresses in five states on Thursday in an investigation into an alleged cryptocurrency and trading-robot pyramid scheme, The Rio Times reports.
A court ordered the freezing of up to 100 million reais, about $19.8 million, belonging to 15 people and 13 companies. Police estimate that more than 10,000 people in Brazil and abroad lost money between 2018 and 2020 through digital platforms promising automated crypto trading returns.
The operation, named Sao Silvestre, is being run from the police office in Itajai, Santa Catarina, and involved 12 search warrants. The suspects are being investigated for criminal association, fraud, money laundering and crimes against the financial system and capital markets.
Police said the asset freeze is intended to preserve funds that could compensate victims.
Source: The Rio Times
