Faraó do Bitcoin Set to Reveal Market Manipulation in Upcoming Interview
The founder of Bitcoin, known as Faraó do Bitcoin, is set to reveal how he manipulated the market to deceive clients in an upcoming interview on the TV show Fantástico. Glaidson Acácio dos Santos was arrested in 2021 and accused of leading one of Brazil's largest cryptocurrency pyramid schemes.
The scheme, GAS Consultoria, promised investors returns of up to 10% per month through supposedly lucrative trading operations. However, investigators found that the money from new investors was used to pay off older clients, a classic trait of financial pyramids.
Apart from the criminal investigation, the case also led to administrative consequences for Glaidson and his company. In 2024, the Conselho de Recursos do Sistema Financeiro Nacional upheld a CVM decision that imposed fines totaling over R$102 million on the pair.