Brazil’s ‘Bitcoin pharaoh’ not allowed to contest elections

Last Updated: 16 September 2022

A Brazilian court has unanimously ruled that “bitcoin pharaoh” Glaidson Acácio dos Santos should not be allowed to enter politics. They prohibit him from running for federal deputy. Why? A bitcoin scam.

Bitcoin Pharaoh

Dos Santos was hoping to run as a federal deputy for the Christian Democratic Party. This was reported by Brazil’s state news agency Agência Brasil on 13 September. The country will hold elections on 2 October.

Rio de Janeiro’s regional electoral court (TRE-RJ) objected to Dos Santos’ candidacy. His company was reportedly involved in a bitcoin ponzi scheme. According to the Associated Press, it promised investors a 10% monthly return.

Brazilian police seized 591 bitcoin last year as part of what they called Operation Kryptos. It was worth around $28 million at the time.

Furthermore, in the process, they also seized nearly 14 million Brazilian reais (nearly $2.7 million) and other currency, as well as 21 luxury cars, expensive watches, jewellery, mobile phones and documents.

“The candidature of the businessman, who is still in prison, was unanimously challenged by the regional electoral court (TRE-RJ), on the grounds that Santos is the director of a financial institution being liquidated.”

“The rapporteur of the case, Judge Luiz Paulo da Silva Araújo Filho, pointed out that Santos is accused of federal crimes, including links with the militia.”

In January, Dos Santos was charged with extortion, financial crime and ordering the murder of business rivals. He is currently in preventive detention.

Brazil

Cryptocurrencies are becoming increasingly popular in Brazil. Internet bank Nubank amassed one million users on its new crypto platform in no time.

Exchanges like Bitso and Mercado Bitcoin are also reporting good figures. The parent company of the latter exchange was on the wish list of Coinbase, which offered as much as $2 billion for it.

Author

  • Ivan came across the topic of cryptocurrencies in early 2016 and, as an author and enthusiast, has been intensively involved with the topics of cryptocurrencies, blockchain and STOs ever since.

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