Brazilian federal police have arrested the leader of the Bitcoin Banco Group, which has stolen over $ 300 million worth of bitcoins from 7,000 citizens of the country. Claudio Oliveira is called the “King of Bitcoin”.

Together with him, several more people were arrested who were involved in the theft of $ 300 million from investors. The arrest took place in the Brazilian state of Parana, and the operation was carried out by 90 federal officers.

Cryptocurrency company Bitcoin Banco Group promised customers huge profits back in 2017, but in 2019 the company announced the disappearance of 7,000 bitcoins. The company then filed for foreclosure, which allows the business to pay off the debt without filing for bankruptcy.

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But in 2020, the group was found to be in default on its judicial reorganization obligations. Police said the group continued to acquire new clients and conduct business without registering with the Brazilian Securities Commission, according to a press release released.

At the same time, Bitcoin Banco Group systematically transferred client funds to Oliveira’s personal accounts. He was charged with money laundering and fraud. He is under investigation in the United States and Europe for similar articles.

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