Brazilian Congressman Asks for Official Inquiry Into Country’s Alarming Crypto Fraud

  • Brazilian Congressman Aureo Ribeiro has asked for an official inquiry into the country's rampant crypto scams.
  • The Congressman has called crypto-based pyramid schemes and "epidemic" in Brazil. 

A Brazilian Congressman has asked to open a Parliamentary Inquiry Commission into the country’s rampant crypto-based scams

Congressman Aureo Ribeiro, who is the author of a bill that seeks to regulate Brazil’s crypto marketplace, has asked Parliament to officially address the country’s ongoing issue with cryptocurency fraud. 

According to documents acquired by local news outlet Portal do Bitcoin, the inquiry asks for investigation into crypto companies such as Atlas Quantum, Zero10, Trader Group and others. 

The document reads, 

Increasing interest in cryptocurrency transactions has been accompanied by a proliferation of fraud. 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.

Ribeiro highlighted the need for an investigation into Atlas Quantum, in particular, following a series of financial issues that emerged in September. There are reportedly numerous investor swho fear Atlas won't honor the liabilities it has to its customers if it receives numerous withdrawal requests.

The Congressman also called crypto-bassed pyramid schemes an “epidemic” in Brazil. 

Featured Image Credit: Photo via Pixabay.com

Bitcoin Whale Reportedly Risks 800 BTC for $0.01 Payout in Dogecoin

A bitcoin whale has supposedly risked a total of 800 BTC, worth around $5.8 million, to help the cryptocurrency remain at the $7,200 mark in a bid to win a bet he made on social media.

A Twitter exchange between Dogecoin supporter Samu and bitcoin whale Joe007 shows that both agreed to bet on bitcoin’s future price, with Samu agreeing to pay 5 million DOGE (around $11,000) to the whale if BTC traded above $7,100, and the whale agreeing to pay Samu the same amount if it was below $7,100 at 13:00 UTC on December 12.

The BTC whale ended up winning the bet as the price of the flagship cryptocurrency didn’t drop below the agreed-upon mark. Some of those watching the thread, however, noted that something seemed to be going on before the bet’s deadline expired.

The bet was made according to the price of the Bitfinex cryptocurrency exchange, and a trader soon alleged on social media the BTC whale could’ve placed an 800 bitcoin order to “defend” the $7,200 so the cryptocurrency’s price wouldn’t dip.

While it isn’t possible to tell whether Joe007 was the one behind the 800 BTC order, the whale seemed to warn Samu before the bet was made that he was extremely confident he was going to win, tweeting out “you really don’t want to make this bet, believe me…”

After the deadline the posts suggesting market manipulation came out so Samu said he “got revenge” on the bitcoin whale cheating, by offering to pay him only 6 DOGE, currently worth about $0.013.

The Dogecoin addresses Joe007 showed as the destination for the funds currently has little over 10,000 DOGE in it, worth close to $22. Some argued Samu should have paid the funds as no terms were defined in the bet, while others agreed with him.

Featured image via Unsplash.