Sunday, January 23, 2022

The Brazilian town known as “New Egypt” because of the popularity of crypto pyramid schemes


With so many alleged pyramid schemes, Cabo Frio came to be known as the “New Egypt.” And as the town’s top dog [he] was dubbed the “Bitcoin Pharaoh.”

Police say [he] began trading in Bitcoin after leaving his job as a waiter in 2014. A one-time evangelical preacher in training, he enlisted clients from the Universal Church of the Kingdom of God, Brazil’s largest neo-Pentecostal group, who earned a referral fee for bringing in fresh recruits and kicking back money to G.A.S., police documents say.


Rio state police have also linked two attempted killings to [him] and what they called his “extermination team.”


Prosecutors have identified at least 27,000 G.A.S. victims