<ul class="summary-list"><li>Police in the Brazilian state of Parana have arrested several people for their alleged involvement in a <keyword id="6354947" type="UNKNOWN" weightage="60" keywordseo="bitcoin">bitcoin</keyword> scam. </li><li>A self-proclaimed 'bitcoin king' was among those arrested over the scheme after a three-year investigation. </li><li>The alleged scam harmed thousands of customers of a crypto brokerage firm, police said. </li></ul>A self-proclaimed "<a href="https://markets.businessinsider.com/currencies/btc-usd">bitcoin</a> king" in Brazil is among those arrested by police in a case accusing the group of running a $300 million embezzlement scheme. The arrests follow a three-year investigation in the southern Brazilian state of Parana that was conducted by 90 federal officers. Police outlined the case in a <a href="https://www.youtube.com/watch?v=0npd6iVAz8c">Monday press conference</a>, including the arrest of Claudio Oliveira, the so-called "Bitcoin King" who was the alleged ringleader in the theft of 1.5 billion Brazil reais ($300 million) from investors. Several other people were arrested, according to <a href="https://finance.yahoo.com/news/brazil-bitcoin-banco-group-leader-020318564.html">CoinDesk</a>. Authorities said Oliveira was the president of a crypto brokerage, Bitcoin Banco Group, which in 2019 claimed that 7,000 bitcoin had gone missing. The group then fraudulently applied for judicial recovery, a type of exemption that allows an entity to pay creditors without filing for bankruptcy, according to the CoinDesk report. But in 2020, it was determined that the group wasn't complying with its obligations under the judicial reorganization. According to a <a href="https://www.gov.br/pf/pt-br/assuntos/noticias/2021/07/pf-deflagra-operacao-contra-grupo-suspeito-de-desviar-milhoes-em-negociacoes-com-criptomoedas-no-parana">translated press release</a>, police said the group continued to bring in new customers and promote its business activities without registering with the country's Commission of Securities, known as the CVM.The group is suspected of entering into irregular contracts with thousands of customers, according to the press release about "Operação Daemon," or Operation Daemon.

Brazilian 'bitcoin king' arrested in an alleged $300 million embezzlement case

<ul class="summary-list"><li>Brazilian police seized $28.5 million of <keyword id="6354947" type="General" weightage="60" keywordseo="bitcoin" source="Orion">bitcoin</keyword> from an alleged <keyword id="6365281" type="General" weightage="60" keywordseo="ponzi-scheme" source="Orion">Ponzi scheme</keyword> earlier this week.</li><li><a href="https://www.businessinsider.com/?hprecirc-bullet"></a>The police said it was the largest cryptocurrency seizure in the country's history. </li><li>They also arrested 5 individuals and confiscated 21 luxury cars and other high-value goods related to the alleged scheme. </li></ul>Brazilian Federal Police carried out one of the biggest <keyword id="2721952" type="General" weightage="60" keywordseo="crypto" source="Orion">crypto</keyword> seizures in the country earlier this week when they seized 591 bitcoins (worth $28.5 million based on current prices) related to an alleged Ponzi scheme. In a <a href="https://www.gov.br/pf/pt-br/assuntos/noticias/2021/08/pf-desarticula-esquema-de-fraudes-bilionarias-envolvendo-criptomoedas">press release</a>, police said that a company headquartered in the Region of Lagos operated a system of Ponzi schemes linked to speculation in the <a href="https://www.businessinsider.in/cryptocurrency/news/ftx-boss-sam-bankman-fried-says-the-crypto-world-must-act-more-responsibly-to-show-it-doesnt-need-strict-regulation-as-he-hits-out-at-scammers/articleshow/85735926.cms">cryptocurrency</a> market. The companies involved in the fraud had billion of dollars and half of their transactions occured in the last year, police said. The police also arrested five individuals linked to the scheme and confiscated over $3 million in cash, 21 luxury vehicles, jewelry, luxury watches, and other documents. Glaidson Acácio was one of the individuals arrested in the operation. According to a <a href="https://www.cnnbrasil.com.br/business/policia-federal-faz-maior-apreensao-de-criptomoedas-da-historia-r-150-milhoes/">report</a> from CNN Brasil, he is suspected of running the scheme that offered returns of up to 15% for investors. The report also notes that the <a href="https://www.businessinsider.in/cryptocurrency/news/ftx-boss-sam-bankman-fried-says-the-crypto-world-must-act-more-responsibly-to-show-it-doesnt-need-strict-regulation-as-he-hits-out-at-scammers/articleshow/85735926.cms">bitcoin</a> seized will be liquidated and available to the courts. The police said this will be the largest seizure of cryptocurrencies by the task force. They called the operation "Operation Kryptos," explaining that it's the Greek word for "hidden," which gave they say "gave rise to the term crypto." The arrest and crypto seizure comes after police arrested a self-proclaimed "bitcoin king" in July as part of a separate case involving a <a href="https://markets.businessinsider.com/news/currencies/brazilian-bitcoin-king-arrested-alleged-300-million-embezzlement-btc-2021-7">$300 million embezzlement scheme</a>.

Brazilian police seized $28 million in bitcoin from an alleged Ponzi scheme in the country's largest crypto seizure ever

<ul class="summary-list"><li>Some fund managers and <keyword id="2721952" type="PERSON" weightage="60" keywordseo="crypto">crypto</keyword> executives question the <keyword id="6362470" type="ORGANIZATION" weightage="60" keywordseo="sec">SEC</keyword>'s approach to crypto ETFs. </li><li>Proponents say common concerns about crypto, like volatility and potential market manipulation, could be said of other asset classes.</li><li>Not all fund managers fault the SEC for taking its time. </li></ul>If you invest in crypto, "ask questions and demand clear answers." That <a href="https://www.sec.gov/news/public-statement/statement-clayton-2017-12-11">advice</a>, from former SEC Chair Jay Clayton, is now being put to practice as his successor, <keyword id="216123" type="PERSON" weightage="60" keywordseo="Gary-Gensler">Gary Gensler</keyword>, grills the industry over pending approval of a <keyword id="2474430" type="PERSON" weightage="60" keywordseo="Bitcoin-ETF">bitcoin ETF</keyword>.Yet as the <a href="https://dealbook.nytimes.com/2014/02/19/before-a-bitcoin-fund-comes-a-price-index/">seven-year quest</a> to get the regulatory go-ahead drags on, some fund managers and crypto executives who spoke with Insider question whether Gensler's SEC has taken too hawkish an approach. These <keyword id="6354947" type="UNKNOWN" weightage="60" keywordseo="bitcoin">bitcoin</keyword> ETF proponents say common concerns about crypto, like volatility and potential market manipulation, could be said of other asset classes, too. They note that Canada, Europe, and Brazil all have functioning bitcoin funds in circulation. And they argue that repeatedly putting off approval carries its own set of risks.Anxieties that the bitcoin market may be rife with fraud and manipulation are "a bit of a red herring," said Will Rhind, CEO of GraniteShares, which filed for a bitcoin futures ETF in <a href="https://www.sec.gov/Archives/edgar/data/1725554/000149315217014676/forms-1.htm">2017</a>. "There are many <keyword id="31671" type="CITY" weightage="100" keywordseo="markets">markets</keyword> that are open to manipulation, but that doesn't stop them from existing or people from launching products in them," he said, pointing to existing ETFs for <a href="https://www.ishares.com/us/products/239716/ishares-microcap-etf">penny stocks</a> and oil, long swayed by petrostate cartel OPEC.Ryan Louvar, general counsel at WisdomTree, which manages several European bitcoin ETFs and has applied for one in America, shares the sentiment. The regulatory standard applied to bitcoin funds has been "very, very high - maybe even novel," he said. In WisdomTree's view - one <a href="https://www.politico.com/news/2021/05/30/bitcoin-investment-wall-street-lobbying-491399#:~:text=%E2%80%9CWhat%20that%20does,less%20regulated%20venues.%22">echoed</a> across much of the industry - the SEC's slow roll on greenlighting a bitcoin ETF is far from risk-free. As the agency delays, demand for bitcoin and other crypto products is not letting up. The result is that the crypto-curious are left with more dubious avenues for investing their money. On balance, such risks to retail investors ought to outweigh the SEC's manipulation concerns, Louvar said.It is a view that the SEC is, at a minimum, curious about. In a <a href="https://www.sec.gov/rules/sro/cboebzx/2021/34-92196.pdf">call</a> for industry comment last month, the commission asked precisely this question: how should the investor protections brought by regulated bitcoin ETFs weigh against fears of manipulation?Across the Atlantic, that question has been asked and answered, said Jason Guthrie, WisdomTree's Europe head. Under the EU's "passporting" regime - which lets financial-services firms seek regulatory approval in 30 European nations simultaneously - crypto ETFs have multiplied across the continent. Sweden was the first domino to fall, starting in <a href="https://www.cnbc.com/2018/01/17/sec-frets-over-bitcoin-etfs-but-swedes-figured-it-out-years-ago.html">2015</a>, prompting EU-wide approval. The last major holdout is the UK, tied down by messy Brexit negotiations.But while Europe's ETF experience may make the SEC look like a laggard, the broader reality is more subtle, said Guthrie. American regulators have moved proactively to regulate crypto-custodial companies such as Coinbase Custody and Fidelity Digital Assets. For evidence, look no further than the fact that many European-listed crypto ETFs, like those of <a href="https://www.wisdomtree.eu/en-gb/-/media/eu-media-files/key-documents/factsheet/etf-securities/eng-btcw-sw-wisdomtree-bitcoin.pdf">WisdomTree</a> and <a href="https://etc-group.com/products/btcetc/">ETC Group</a>, use custodians based in America.Regulators across the world are "looking at different things and at different paces," said Guthrie.Nor do all fund managers fault the SEC for taking its time. Some think approving a bitcoin ETF opens the floodgates to all manner of newfangled crypto products."It's not just about bitcoin," noted Greg King, CEO of Osprey Funds, which runs an off-exchange bitcoin fund. SEC staffers "have to be thinking in the back of their head - how is this going to set a precedent for anything else?"Leah Wald, CEO of Valkyrie, another bitcoin ETF hopeful, added the SEC is being "deliberate" in combing through an industry that has rapidly matured. She said that she wished the process was faster but that the agency's concerns were fundamentally valid.SEC approval may ultimately rest on the industry developing surveillance methods that give regulators a handle on when and where markets are being manipulated, said Chen Arad, COO of Solidus Labs, a monitoring firm that works with regulators."Once you open the door, it's harder to go back. The best thing the industry can do is work on providing assurances through data-sharing agreements and shared surveillance," he said.The SEC didn't respond to a request for comment.

13 applications for a bitcoin ETF are in limbo as the SEC deliberates. Some fund managers see a double standard around how the regulator treats crypto.

<ul class="summary-list"><li>US stocks traded mostly flat early Monday following the Wagner Group's weekend rebellion.</li><li>The ruble dropped against the dollar as Yevgeny Prigozhin called off his attempted mutiny.</li></ul>US stocks traded mixed to open Monday's session after the Wagner Group called off its uprising against Vladimir Putin over the weekend. The dollar traded flat against top global currencies, while the ruble dropped. Meanwhile, oil prices gave up earlier gains to tick lower."The uprising in Russia could have sent shockwaves across equity and commodity markets but an apparent U-turn has meant only marginal volatility rather than a full-blown correction," AJ Bell investment director Russ Mould said.Here's where US indexes stood as the market opened 9:30 a.m. on Monday: <ul><li><a href="https://markets.businessinsider.com/index/s&amp;p_500?utm_source=markets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets">S&amp;P 500</a>: 4,343.83, down 0.10%</li></ul><ul><li><a href="https://markets.businessinsider.com/index/dow_jones?utm_source=markets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets">Dow Jones Industrial Average</a>: 33,738.41, up 0.03% (10.98 points)</li></ul><ul><li><a href="https://markets.businessinsider.com/index/nasdaq_composite?utm_source=markets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets">Nasdaq Composite</a>: 13,478.01, down 0.11%</li></ul>Here's what else is going on: <ul><li>OPEC said global oil demand is set to jump 23% to <a href="https://markets.businessinsider.com/news/commodities/oil-demand-outlook-forecast-110-million-barrels-day-2045-opec-2023-6">110 million barrels a day by 2045</a>.</li><li>Janet Yellen hit back against de-dollarization talk after <a href="https://markets.businessinsider.com/news/currencies/dedollarization-dollar-janet-yellen-treasury-secretary-brazil-south-africa-trade-2023-6">Brazil and South Africa's recent challenge to the greenback.</a></li><li><a href="https://markets.businessinsider.com/news/bonds/jeff-gundlach-bond-king-us-debt-bonds-fed-recession-hikes-2023-6">"Bond King" Jeffrey Gundlach</a> sounded the alarm on US debt.</li><li>Commercial real estate is under stress but places like <a href="https://markets.businessinsider.com/news/stocks/commercial-real-estate-value-new-york-and-miami-offices-2023-6">New York and Miami still offer pockets of value</a>, according to Nuveen Real Estate CIO.</li><li><a href="https://markets.businessinsider.com/news/stocks/ryan-cohen-warren-buffett-elon-musk-mark-zuckerberg-cage-fight-2023-6">Ryan Cohen jokingly challenged Warren Buffett</a> after Elon Musk and Mark Zuckerberg teased a cage fight.</li></ul>In commodities, bonds, and crypto: <ul><li>Oil prices dipped, with<a href="https://markets.businessinsider.com/commodities/oil-price?type=wti"> West Texas Intermediate</a> down 0.3% at $68.94 a barrel. <a href="https://markets.businessinsider.com/commodities/oil-price?utm_medium=ingest&amp;utm_source=markets">Brent crude</a>, the international benchmark, inched 0.15% lower to $73.74 a barrel.</li><li><a href="https://markets.businessinsider.com/commodities/gold-price?utm_source=markets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets">Gold</a> edged higher 0.58% to $1,940.50 per ounce.</li><li>The<a href="https://markets.businessinsider.com/rates/u-s--rates-10-years?utm_medium=ingest&amp;utm_source=markets"> 10-year yield</a> ticked down 2.6 basis points to 3.713%.</li><li><a href="https://markets.businessinsider.com/currencies/btc-usd?utm_medium=ingest&amp;utm_source=markets">Bitcoin</a> moved up 0.1% to $30,423.</li></ul>

US stocks trade mixed as Wall Street weighs mutiny attempt in Russia

<ul class="summary-list"><li>Investors shouldn't worry about the dollar losing its dominance anytime soon, according to Paul Krugman.</li><li>That's despite recent currency challenges from countries like China, Russia, and Brazil.</li></ul>Investors shouldn't lose sleep over the recent focus on <a href="https://markets.businessinsider.com/news/currencies/dollar-dominance-russia-china-india-brazil-oil-trade-reserve-currency-2023-1?_gl=1*1p77ffn*_ga*MTgxNTI4ODA2Ni4xNjM0MDMzNTYz*_ga_E21CV80ZCZ*MTY3NTY3MjI1OS4yOTYuMS4xNjc1Njc1NzU0LjAuMC4w">potential threats to the dollar's dominance</a>, according to top economist Paul Krugman.The Nobel Prize-winning economist said Friday that he's not expecting to see the greenback unseated as the major currency for international trade anytime soon – despite countries like <a href="https://markets.businessinsider.com/news/currencies/dollar-dominance-russia-china-rouble-yuan-brics-reserve-currency-imf-2022-6">Russia, China, and Brazil all cooking up potential challenges</a> to it."No, the dollar's dominance isn't under threat," Krugman wrote in a <a href="https://www.nytimes.com/2023/02/03/opinion/us-dollar-reserve-currency.html?smid=nytcore-ios-share&amp;referringSource=articleShare" target="_blank" rel="noopener">New York Times op-ed</a>. "And even if it were, it wouldn't be a big deal."The US has applied wide-ranging financial sanctions against Moscow since the invasion of Ukraine last year – prompting Russia and several other countries to work on dollar alternatives to reduce their reliance on the currency.China is <a href="https://markets.businessinsider.com/news/currencies/us-dollar-vs-yuan-china-petroyuan-saudi-arabia-russia-oil-2023-1?utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets">pushing for the yuan to replace the dollar in oil deals</a>, while <a href="https://markets.businessinsider.com/news/currencies/dollar-dominance-russia-iran-gold-backed-stablecoin-crypto-2023-1?utm_medium=ingest&amp;utm_source=markets">Russia and Iran are reportedly working together</a> to develop a gold-backed stablecoin that could be used in international trade.<a href="https://markets.businessinsider.com/news/currencies/brazil-argentina-joint-currency-dollar-dominance-south-american-euro-lula-2023-1?utm_medium=ingest&amp;utm_source=markets">Brazil and Argentina could also team up to launch a joint currency</a> that would serve as a South American equivalent to the euro, although Krugman has previously <a href="https://markets.businessinsider.com/news/currencies/paul-krugman-brazil-argentina-south-american-euro-terrible-idea-2023-1">slammed the so-called "sur"</a>."The idea seems to be that some regimes will turn away from the dollar to protect themselves against sanctions in the event they do something America disapproves of," he said Friday."And so we have reports that China is trying to promote oil trade in yuan and Russia and Iran are considering creating a gold-backed cryptocurrency," Krugman added. "And for some reason Brazil and Argentina are talking about creating a common currency along the lines of the euro, which is a really terrible idea."Krugman also noted that some of the chatter about the dollar's potential decline had come from the rise of crypto.Digital asset bulls have often proposed <a href="https://markets.businessinsider.com/currencies/btc-usd">bitcoin</a> as a future alternative to the greenback, although the token lost a lot of its shine last year when a combination of rising interest rates and the implosion of high-profile companies like FTX led to its price plunging over 60%."Where is the death-of-the-dollar buzz coming from all of a sudden? Some of it is coming from the crypto cult," Krugman said. "Although cryptocurrencies have been around for many years and still haven't come to play any significant role in legitimate business — not to mention the astonishing scale of the scandals that have plagued the industry — they're still being hyped."But Krugman isn't worried about any of those potential challenges to the dollar's dominance.He pointed out that when central banks have diversified their holdings away from the dollar in recent years, they've tended to favor small currencies like the <a href="https://markets.businessinsider.com/currencies/eur-sek">Swedish krona</a> and <a href="https://markets.businessinsider.com/currencies/usd-krw">South Korean won</a> over potential threats like the <a href="https://markets.businessinsider.com/currencies/eur-usd">euro</a>, <a href="https://markets.businessinsider.com/currencies/usd-jpy">Japanese yen</a>, or bitcoin.Krugman added that the main benefit the US enjoys from the dollar's dominance is slightly discounted borrowing – which he called "ultimately trivial for what is, after all, a $26 trillion economy.""It's hardly earth-shattering," Krugman said. "Dollar dominance sounds important if you haven't thought about it much, but much less so if you have. In fact, in general, the more you know about international currencies, the less important you think they are."Read more: <a href="https://markets.businessinsider.com/news/currencies/dollar-dominance-currencies-dxy-federal-reserve-interest-rates-energy-prices-2022-12">King dollar's worst slump in over a decade is hammering one of 2022's biggest winners – but the greenback's dominant run might not be over just yet</a>

You Searched For "bitcoin king brazil" and got 5 results

Brazilian 'bitcoin king' arrested in an alleged $300 million embezzlement case

Carla Mozée

Brazilian police seized $28 million in bitcoin from an alleged Ponzi scheme in the country's largest crypto seizure ever

Emily Graffeo

13 applications for a bitcoin ETF are in limbo as the SEC deliberates. Some fund managers see a double standard around how the regulator treats crypto.

Ethan Wu

US stocks trade mixed as Wall Street weighs mutiny attempt in Russia

Phil Rosen

Paul Krugman says not to worry about the dollar weakening despite recent challenges to its dominance

George Glover