Brazil Opens A Formal Inquiry Into The Countrys Rampant Cryptocurrency Scams

Brazilian Congressman Aureo Ribeiro, author of a bill that purports to control the Brazilian crypto market, requested the opening of a Parliamentary Inquiry Commission (PCI) to analyze crypto-related fraud in Brazil.

Cointelegraph received entry to a doc that asks for a deep investigatigation into firms like Atlas Quantum (and CEO Rodrigo Marques), Zero10, and Trader Group, amongst others.

“Increasing interest in cryptocurrency proceedings has been attended by a proliferation of fraud,” the document reads. “The lack of regulation and vigilance combined with high levels of abstraction, anonymity, cross-border operations, and other peculiarities inherent to the crypto market shows potential risks to users and investors.”

The representative additionally explains in the identical doc why Atlas Quantum – as soon as the most important crypto firm in Brazil, all the same now going through authorized and medium of exchange points – must be investigated:

“Atlas Quantum publicised a video on September 18 that show a cryptocurrency balance of more than $54 million (at the current price) that would have been withheld on three accounts on the HitBTC exchange. But the exchange denied this through its official Twitter visibility on October 2, 2019, and enlightened investors that Atlas Quantum leaves no value stuck on the platform. HitBTC further explicit that the video is fake, and that the Atlas team made no official request for assistance. At the same time, there are many investors who fear that the company will not be able to honor its liabilities to clients if they all request withdrawals. After the huge media coverage of the case, Atlas Quantum given an audit report that allegedly echt to the amount of Bitcoins and stablecoins it has. But would it be adequate to honor their commitments to the entire client base?”

The representative additionally dialogue in regards to the epidemic of cryptocurrency Pyramid schemes in Brazil:

“The measure of fraud involving Bitcoin and cryptocurrencies is horrifying. We have opened a brand new webpage on our website for individuals who have had issues with Pyramid schemes to report their circumstances, and we now have nontransmissible an big variety of reviews and requests from common people throughout Brazil.”

The doc asking for the investigation was signed by 234 congressmen, which is 63 greater than the minimum required to okay the investigation.

“We have nontransmissible so many reviews that the PCI can be an big effort and can want an big process drive. We ask anybody who’s had an issue with cryptocurrency firms to attend my website: and search for the right tab to make your criticism about crypto Pyramid schemes,” the deputy mentioned.

Brazil Opens A Formal Inquiry Into The Countrys Rampant Cryptocurrency Scams

Your Opinion Matters

Quality - 10


Total Score

Your feedback is important to us to improve our services. We constantly seek feedback to improve and evolve our service, whilst identifying opportunities to assist clients in realising their business objectives.

User Rating: 4.57 ( 7 votes)

Show More

Patricia Bakely

Earn Free Bitcoin Online with

Related Articles

Leave a Reply

Back to top button