Bitcoin pyramid schemes wreak havoc on Brazil's 'New Egypt'

(AP Photo/Bruna Prado)” class=”blkBorder img-share” style=”max-width:100%” />

Gilson Silva do Carmo, an alleged victim of the G.A.S Consulting & Technology, a cryptocurrency investment firm, walks off after an interview in Iguaba Grande, Brazil, Wednesday, Dec.

15, 2021. Federal and state police and prosecutors accuse the firm of running a sophisticated racket defrauding thousands of small-scale investors who believed they were getting rich off bitcoin’s steep appreciation. Do Carmo watched in horror as the seizures and arrests unfolded; he had invested the rest of his savings in the company just weeks earlier.

Beachgoers congregate on Fort Beach in Cabo Frio, Brazil, Wednesday, Dec.

15, 2021. As revenues rose for the cryptocurrency investment firm G.A.S Consulting & Technology, enriching some early adopters, copycat firms sprang up, seeking to cash in on the craze. founder, 38-year-old Glaidson Acacio dos Santos, came to be known as the “New Egypt” and as the town’s top dog, dos Santos was the “Bitcoin Pharaoh.” (AP Photo/Bruna Prado)” class=”blkBorder img-share” style=”max-width:100%” />

A view of the luxury condominium where former waiter-turned-multimillionaire Glaidson Acacio dos Santos had a home in Cabo Frio, Brazil, Wednesday, 币安交易所 Dec.

15, 2021.