Brazilian Federal Police seized R$150 million ($28.8 million) in crypto assets and made five arrests after cracking down on an alleged financial pyramid scheme, according to a CNN Brazil report.

  • Police carried out 15 search warrants and also seized R$19 million ($3.6 million) in cash, 21 luxury vehicles, high-end watches and jewelry on Wednesday, CNN said.
  • The operation dubbed “Operation Kryptos” involved police investigating an alleged financial pyramid scheme.
  • Police made five arrests, including Glaidson Acácio dos Santos, the owner of a bitcoin consultancy based in the Lakes Region of Rio de Janeiro. He has a custody hearing today.
  • His defense team released the following statement to CNN: “Glaidson Acácio's defense is aware of the arrest and so far without access to the contents of the investigations. Only after proper analysis of all documentation will we be able to express ourselves in a concrete manner.”
  • In July, Brazil’s civil police seized $33 million in an investigation into money laundering carried out through crypto exchanges in Sao Paulo and Diadema.

Read more: Brazilian Police Seize $33M in Crypto Money Laundering Probe

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