Youtuber Bruno Monteiro Aiub, better known as Monark, is at the center of a major controversy with the Federal Supreme Court (STF). Minister Alexandre de Moraes imposed a daily fine of BRL 300,000 on the influencer, but according to information from Banco Bradesco, Monark’s accounts had “no balance”.
Monark is accused of spreading misinformation through its social media platforms and attacking the Supreme Court.
As a result, 19 platforms hosting their videos are also penalized. If they fail to comply with the order to reduce monetization of their content, they will be subject to a daily fine of BRL 100,000.
The lack of funds in Monark’s accounts sparked rumors among the cryptocurrency community, with many speculating that the youtuber could have used Bitcoin to protect his funds.
The information was eventually confirmed, as in a video published on June 14, Monark revealed that he was using Bitcoin to avoid possible confiscation.
Bitcoin, due to its decentralized nature, offers some resistance to confiscation, especially when the money is kept in secure and private wallets, i.e. when it is not kept on exchanges.
It is worth remembering that Monark was interviewed in March of this year Renato Amoedoone of the leading experts on Bitcoin in Brazil, which may have motivated the youtuber to use the digital currency.
“’Xandão’ can’t take my bitcoins,” says Monark
Interview Lucas Pavanato on the platform rumbling, on June 14, Monark spoke on a variety of topics, including federalism, Bitcoin, and Central Bank Digital Currencies (CBDCs).
According to him, government-issued digital currencies, such as the future Real Digital, announced by the Central Bank as “Drex,” will give authorities full control over this new form of money: “She [os governos] they will know everything you spend and prevent you from spending it on certain things”he said.
At another point in the video, Monark defended the decentralization of Brazilian federalism, arguing that taxes generated in the states should not be sent to Brasília and later returned to the same states.
The youtuber criticized the action of the political system, which he says creates mechanisms to centralize these resources in search of total control.
“He [o dinheiro dos impostos] it is born decentralized, then the political system creates a mechanism to suck this money and centralize it to have total control”Monarch said. He further explained “It is in this centralization that the political game takes place, leading to the concentration of financial power in the hands of the government.”
Finally, Monark praised Bitcoin as a decentralization tool. Referring to Federal Supreme Court Minister Alexandre de Moraes as “Xandão”, Monark stated: “If ‘Xandão’ wants to block me, he will take all my accounts, but he can’t take my bitcoins. I have a layer of protection.”
Watch the video:
“He won’t be able to take my bitcoins,” Monark says of Alexandre de Moraes pic.twitter.com/vCSIESvHkk
— Livecoins (@livecoinsBR) August 9, 2023
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.