Bitcoin pyramid schemes wreak havoc on Brazil's 'New Egypt'
Written by on July 5, 2023
And, they were assured, it was risk-free: They would get their entire initial investment back at the end of the contract. 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.
Whenever a user makes a transaction or trades digital assets in the platform, disregarding the type of trading they utilize, a particular amount of fees in the name of trading fees is obtained from the users.
Be it trading of crypto to crypto, or crypto to fiat, the trading fees are applicable for every trade or transaction held on the platform. This trading fee is fixed by the exchange owner.
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A wave of cryptocurrency-related violence soon followed. Bitcoin fervor was particularly keen in Cabo Frio, the resort town of 230,000 where G.A.S.
was based. revenues rose, enriching early adopters, copycat firms sprang up, seeking to cash in on the craze.
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, including a white Porsche Panamera and an electric blue BMW Z4 convertible.
In recent times, the number of cryptocurrencies is drastically increasing, so there will always have a demand for cryptocurrencies and listing them in the crypto exchanges.
For listing those cryptocurrencies, a fee amount is required, which is what we call listing fees.
CABO FRIO, Brazil (AP) – In April, Brazil’s federal police stormed the helipad of a boutique seaside hotel in Rio de Janeiro state, where they busted two men and a woman loading a chopper with 7 million reais ($1.3 million) in neatly packed bills.
By participating in the staking pool and holding their cryptocurrencies there, the crypto exchange users can stake their coins.
The exchange owners can use this for a variety of things and earn profits, and in exchange, the customers will earn rewards and interest for retaining their cryptocurrency.
In and around Cabo Frio, where some had seen their friends and neighbors reap rewards by investing their life savings in the cryptocurrency investment firm G.A.S Consulting & Technology, many began to fear the cost of missing out. (AP Photo/Bruna Prado)” class=”blkBorder img-share” style=”max-width:100%” />
Bathers dive into the waters of Fort Beach in Cabo Frio, Brazil, Wednesday, Dec.
15, 2021. Brazil became one of the first countries in the world to approve Bitcoin exchange-traded funds, second only to Canada. In and around Cabo Frio, where some had seen their friends and neighbors reap rewards by investing their life savings in the cryptocurrency investment firm G.A.S Consulting & Technology, many began to fear the cost of missing out. In and around Cabo Frio, where some had seen their friends and neighbors reap rewards by investing their life savings in the cryptocurrency investment firm G.A.S Consulting & Technology, many began to fear the cost of missing out.
(AP Photo/Bruna Prado)
Police say dos Santos began trading in Bitcoin after leaving his job as a waiter in 2014.
A one-time evangelical preacher in training, he enlisted clients from the Universal Church of the Kingdom of God, Brazil´s largest neo-Pentecostal group, who earned a binance referral code fee for bringing in fresh recruits and kicking back money to G.A.S., police documents say.
