These days cryptocurrencies are becoming an easy medium for scammers to dupe people. In a recent event, a group of criminals executed a $200 million heist in Brazil. They lured the public to invest in an unregistered crypto firm. As the usual Modus Operandi goes the scammers assured the investors a 15% return on their capital. The fraudsters have been running their business from Novo Hamburgo city.

As per the local Revenue department, the scammers accumulated a whopping 850 million Brazilian Reals. This figure converts to over 200 million dollars. The Brazilian police and Federal Revenue Agency have taken down the cryptocurrency scheme of the criminals. As of now, the local law and order have issued 10 arrest warrants. Search and seize operations are now going on in various parts of the region.

In Brazil, there are no regulations for investment in cryptocurrency. So, the scammers easily took advantage of that and pulled out the $200 million heist. The worst part of the incident is they made no investment of the funds in cryptocurrencies. Rather they spend it on luxury cars, real estates, and jewelry. These assets are now under seize of the Brazilian police.

These scamming incidents are becoming common in every corner of the world. Recently, a scammer was nabbed who duped people of 2 Million Euros in the pretext of crypto mining. The cheaters may not even have the slightest idea about crypto but seeing its popularity they use it as a weapon against the unsuspecting investors.

So, before investing in any business it’s important to look for its credibility and authorization. We hope justice for the miscreants will prevail soon.