Brazilian Police Issue Warrants Against Alleged Leader of $767M Crypto Pyramid Scheme

On Thursday, a hundred police officers took to the streets of six Brazilian cities to serve search and seizure warrants against Francisley Valdevino da Silva, who is accused of running a cryptocurrency pyramid scheme that raised $767 million.

At the time of publication, there was no news on whether he had been arrested. The justice also decreed that da Silva’s assets be seized and blocked.

According to a Brazilian Police report, da Silva, known as the “cryptocurrency sheik” and a former U.S. resident, raised more than four billion reals (US$767 million) by promising high returns through alleged crypto operations since 2016.

Source: Brazilian Police Issue Warrants Against Alleged Leader of $767M Crypto Pyramid Scheme