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0 sats \ 0 replies \ @cryptocoin OP 23 Jan 2022 \ on: Bitcoin pyramid schemes wreak havoc on Brazil's 'New Egypt' bitcoin
Clients were promised a 10% monthly return on their investments over 12- to 48-month contract periods, but did not own the bitcoins they were told G.A.S. was purchasing with their money. And, they were assured, it was risk-free: They would get their entire initial investment back at the end of the contract.
No victims saw the red flags? Sure they did. They were gambling, hoping to be seeing a net profit from monthly payouts long before the ponzi failed.
Things came to a head on April 28 when Rio federal police, acting on an anonymous tip, seized the 7 million reais at the helipad of the Insolito Boutique Hotel in Buzios, a short drive from Cabo Frio.
On Aug. 25, alerted that dos Santos was planning to flee Brazil, federal police raided more than a dozen locations linked to G.A.S., including dos Santos’ home where he was found with 13.8 million reais ($2.5 million) and taken into custody. Agents also found hard drives containing 10 times that amount in Bitcoin, gold bars, jewelry and several sports cars,
So four months pass after their first funds seizure occurs and they still hold $2.5M worth of cash, ~$25M worth of bitcoin, gold, jewelry and cars? Situational awareness and OpSec were not this dude's strengths.
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