CVM plans a trial with the ‘King of Bitcoin’, targeted by the PF in 2021

This Tuesday (3), the Securities and Exchange Commission (CVM) has scheduled the trial of the “King of Bitcoin”, Cláudio Oliveira, and his companies and partner.

Cláudio, owner of the fake cryptocurrency broker Negocie Coins, created the Bitcoin Banco Group and attracted a series of investors to his network. Because the platforms integrated with several of the group’s own brokers, investors could buy cryptocurrencies in one and sell them in another.

Thus, by conducting “arbitrage,” investors achieved virtually guaranteed profits. In other words, the platforms always had a price difference, which eventually became known as the “infinite arbitrage” phenomenon.

It wasn’t long before the scam ended and customer withdrawals were halted, a billion-dollar scam that continues to impact investors.

CVM plans trial against fake ‘King of Bitcoin’ targeted by PF in 2021

CVM director João Accioly presented the final report for PAS CVM 19957.009444/2019-58 on September 29, 2023. The administrative sanctions lawsuit has as defendants the companies Bitcurrency Moedas Digitais SA, CLO Participações e Investimentos SA and their partners Cláudio José de Oliveira and Johnny Pablo Santos.

“Instituted to investigate alleged public offering of securities without obtaining registration (infringement of Articles 19, § 5e, I, of Law 6.385, and 2e of CVM Instruction 400), and without the exemption thereof (infringement of Articles 19, § 5e, I, of law 6.385, and 4e of CVM instruction 400).

Another PAS from 2019 gave rise to the new CVM case, which is expected to rule on the suspected group on Tuesday.

In addition to the infinite false arbitrage, the CVM is also investigating the existence of financial products offered by Bitcoin Banco. For example, “BTCM+”, “BTCM90”, which collected bitcoin from customers who promised to manage the activities for them in an automated way.

During the CVM investigation, two directors analyzed the case, which was on hold from October 2020 to August 2023, but their terms of office were coming to an end. Since August, Director Accioly has taken over the case and rescheduled the trial.

The session is open to the public and will take place in person at the auditorium of the CVM headquarters (Rua Sete de Setembro, 111/34th floor, Center – Rio de Janeiro). It will also be possible to follow the session via video conference, via the link https://eventos.netglobestreaming.com.br/netglobe/oferta/zXBKDz6LBh4. Enter ‘name’ and ’email’ to access the room (this does not have to be your full name).

Fast-track through prison and virality on TikTok

After the Federal Court sentenced the Bitcoin King to 8 years in prison, he managed to appeal and walk free.

However, at the beginning of 2023, he already went viral on TikTok with an unknown young woman, in a romantic mood and already out of prison.

It is worth remembering that many investors have not yet received their money back and are waiting for a decision on the case from the Federal Court of Paraná.

Source: Live Coins

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