Brazilian authorities act against $767m scam

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Updated October 10, 2022 | Published October 10, 2022

2 mins read

The operation run by Francisley Valdevino da Silva has been dubbed a crypto scam and led to more raids last week in Brazil.

Last Thursday hundreds of police officers executed several search warrants against Francisley Valdevino da Silva, the alleged mastermind behind a cryptocurrency pyramid scheme that managed to raise $767m at the expense of victims.

Authorities have not reported on the arrest of da Silva, but they confirmed that they are looking to dismantle his entire organization and retrieve some of the funds.

Da Silva has been known locally as the “cryptocurrency sheik” running a series of bogus investment rings that resulted in substantial personal gain.

However, most of his investors have been empty handed for the most part. The man, who has been running the cryptocurrency scam since 2016, promised high return on investment on any deposits in crypto.

Da Silva used to be a US citizen but has since dropped his citizenship to avoid tighter control under US laws.

Meanwhile, the US Immigration and Customs Enforcement reported that  police had already executed more than 20 search and seizure warrants.

Brazil has been sweeping in on various cryptocurrency scams in recent months, most recently in September.

US Immigration and Customs Enforcement confirmed that in the latest raids were responding to a fraudulent investment scheme, which resulted in the deception of investors from dozens of countries.

Da Silva has been committed to denying the charges. His lawyer has repeatedly denied the accusations against his client.

Da Silva has not met with prosecutors or the police in person and is represented by his legal team instead.

Looking for your next crypto casino? Check out: Bitcasino, Gamb.co or FortuneJack.

Written by Alex

Reporter

Alex is a well-rounded crypto writer who focuses on general market and legal developments. His main interest lies in how crypto gaming can become a more permanent part of the gaming landscape and how blockchain holds benefits to players they are not even aware of.
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