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Brazilian authorities seize $28.8 million worth of cryptocurrencies

brazilian-authorities-seize-$28.8-million-worth-of-cryptocurrencies

Authorities in Brazil have seized cryptocurrencies from an alleged financial pyramid scheme.

Brazilian Federal Police seized R$150 million in crypto

The Brazilian Federal Police has reportedly seized R$150 million (over $28 million) in cryptocurrencies from the operators of an alleged financial pyramid scheme. According to a report by the CNN, the police have also arrested five people in connection to the case.

The report added that the local police had issued 15 search warrants and seized a further R$19 million ($3.6 million) in cash, 21 luxury vehicles, high-end watches and jewelry. Termed “Operation Kryptos,” the Brazilian police investigated an alleged financial pyramid scheme.

The authorities arrested Glaidson Acácio, a Rio de Janeiro-based BTC consultancy operator. According to his defense team, they are yet to gain access to the contents of the investigation. “Only after proper analysis of all documentation will we be able to express ourselves in a concrete manner,” they added.

Cryptocurrency prices down from weekend highs

The prices of cryptocurrencies are down from the highs experienced over the weekend. Bitcoin touched the $50k for the first time since May a few days ago. However, it is now struggling to maintain its price above $46k.

Ether has also stagnated around the $3,100 region over the past few days after reaching the $3,300 mark a few days ago. Cardano maintains its newly-found position as the third-largest crypto by market cap despite losing 9% of its value in the past 24 hours.

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