Brazilian Crypto Scammer Claims Existence of Hidden Fortune
Glaidson Acácio dos Santos, known as the 'Faraó do Bitcoin', has been in prison for five years after being accused of operating one of Brazil's largest cryptocurrency scams. The GAS Consultoria promised investors returns of 10% per month through supposed operations in cryptocurrencies.
The company moved R$38.2 billion and had over 77,000 creditors with a total debt of nearly R$3 billion. Glaidson claimed that there is still a fortune in cryptocurrencies stored in a 'cold wallet' that could be used to pay off the debts.
Glaidson explained how he managed to manipulate the cryptocurrency market by acting as a 'baleia', or whale, with large amounts of capital. He would contact other whales and coordinate their actions to push down the price of certain cryptocurrencies.