The U.S. Justice Department has recently seized cryptocurrency worth $24 million on behalf of the Brazilian Government. It is revealed that this crypto belongs to a Brazilian crime cartel, a fraudulent scheme called, Operation Egypto. Through this scheme, the scammers were able to con a lot of investors based in Brazil and gained around $200 million. These scammers have promised the investors to give them a 15 percent payout on their capital and managed to attract them. U.S. Justice Department Seizes $24M in Joint Operation with Brazil It is revealed that ever since this fraudulent scheme was discovered, the U.S. Justice Department was under a joint operation with the Brazilian government. Both countries were under a treaty called, “Mutual Legal Assistance in Criminal Matters.” The forfeiture complaint was filed in the federal court by the U.S. Justice Department and was then tied to Marcos Antonio Fagundes who is alleged to have played the main role in this scheme. He is also charged with several criminal violations under Brazilian Law. It also includes securities law violations and money laundering as well. Most of the financial assets of this scheme are also seized by the Brazilian government. It is also revealed through an investigation that these scammers have not invested any of the funds in cryptocurrencies. The U.S. Government Earlier Also Seized Bitcoin Accounts This is not the first time that the U.S. Justice Department has seized cryptocurrencies as earlier this year, it has seized several Bitcoin accounts. All those accounts belonged to three terrorist groups that were having crypto worth millions of dollars. It has been revealed through an investigation that these terrorist groups have been using Bitcoin to raise money for the past few years. It is also seen that this kind of fraudulent schemes is increasing rapidly in the crypto market for quite some time now. This is another major threat to the user’s fund who tend to invest in such schemes.
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