A Brazilian DeFi service created by Grow Up company owner Gleidson da Costa Gonçalves stopped paying customers a few months ago. With the disappearance of the owner of the possible fraudulent scheme, customer complaints begin to emerge.
Through Advertising Aqui, the company started appearing mainly thanks to Trading Farm, the name of the alleged DeFi presented to investors. The product was sold through a course called “Minas de Ouro Secreta”.
Presenting the project to investors, Gleidson said an alleged “Oliver,” an American who never appeared before clients, owned the company and was very trustworthy. However, the programmer in charge of the project confessed to customers that he never spoke to an Oliver and that he developed the product from scratch, at the request of Grow Up’s owner.
Investigating the matter, customers began to imagine that it was just another scam in the cryptocurrency market after not many people managed to get their investments back.
How did the Brazilian DeFi that stopped paying customers work?
In addition to owning Trading Farm, Gleidson da Costa also raised investment through Grow Up, another of his businesses. According to clients, he created several investment companies for clients, and some believed he had a legitimate intent to help investors profit from cryptocurrencies.
In the case of the Trading Farm solution, Gleidson taught investors how to create an account with major brokers, such as the late FTX and Binance. After the account was created, he instructed clients to deposit Brazilian real on the platforms and then withdraw cryptocurrencies to his platform, Trading Farm.
The service application only existed in an Android version, which displayed the customers’ balance in USDT, as well as their alleged profitability.
Customers could only make deposits through the Tron network, normally to the address TBJcZ5sZisNnZAECNgeE38SfiK5wRnfL4C, said a customer who claims to have been harmed by the Livecoins scam. He has entrusted a large part of his assets to the plan and since he has not received any support, he has already reported the case to the civil police of Campos dos Goytacazes, in Rio de Janeiro.
Withdrawals from the possible scheme to customers leave the wallet TNCmcTdyrYKMtmE1KU2itzeCX76jGm5Notalso via the Tron network.
Trading Farm promised quick profits in the market
In a lifetime of convincing customers to deposit into the DeFi application, which Livecoins had access to, Gleidson says he made a 30% profit in just 12 days, with the profitability of the Axie Infinity cryptocurrency.
For example, when signing the contract with the product, customers received information about the profitability period of 30, 60, 90 or 120 days. The 12% gain worked over a 30-day period, but the rate doubled every 30 days, i.e. customers who chose 60 days would receive 24%, up to 120 days, where 48% was offered.
Livecoins was informed by the customer claiming to have been harmed by the Trading Farm cryptocurrency mining platform, that the service had 300 customers, with over 15 million reais missing. Since many customers have been waiting since November 2022 to receive their investments, without support, they are already starting to get tired and ask for help from the authorities.
A recent communiqué from Gleidson da Costa, last Friday (17), caused even more revolt among investors. He reappeared on his Instagram after a long time, sporting some new tattoos and said he will continue to run his business, but did not say when he will return to release recordings to investors, be it Grow Up, Trading Farm or a Consortium he sold, another one of his products that also had withdrawals blocked.
Wanted by Livecoins, the Grow Up leader did not respond until the end of the report. The space remains open for demonstrations by Gleidson da Costa to explain the issues of his DeFi, which has been flagged by customers as a possible cryptocurrency scam.
Source: Live Coins
Barry Siefert is an accomplished journalist and author at The Nation View. He is known for his expertise in the field of cryptocurrency, and has written extensively on the topic. With a background in finance and economics, Barry has a deep understanding of the underlying technology and market forces that drive the crypto industry.
