Cryptocurrencies Are ‘Fool's Gold’ Says Brazilian Political Party

Michael LaVere
  • Brazil's far-left political party Partido da Causa Operaria warned that cryptocurrency is "fool's gold"
  • The group called bitcoin a source of financial manipulation for the country's poor and working class.

Brazil’s far-left party Partido da Causa Operaria (PCO) issued a warning that cryptocurrencies are “fool’s gold” for the country’s poor population.

According to a report by Portal do Bitcoin, the PCO released a publication on Monday warning users to avoid cryptocurrencies and calling bitcoin a type of financial scam. The publication claims bitcoin was invented to manipulate workers and deliver gains to capitalists. 

The publication reads, 

It is just another trick to maneuver the poor population. It is one more way to get money out of the people and throw it straight into the pockets of big capitalists.

The PCO compared the role of cryptocurrencies in the international financial market to that of the impact of COVID-19. 

The paper continued, 

In times of a health and economic crisis, fool's gold makes it clear that it is one more way to contain the crisis and maintain the gain only for the portion of the powerful capitalists.

The PCO accused Wall Street and London of dominating global markets, referring to these entities as "foxes" n a "chicken coop. "

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Luxury Cars and $15 Million in Crypto Seized in Chinese Arbitrage Scam Bust

Michael LaVere
  • Chinese authorities seized $15M in crypto and several supercars following scam ring bust.
  • The group was allegedly operating an arbitrage scam that promised users fake Huobi Tokens. 

Chinese authorities have reportedly seized more than $15 million in crypto-assets and $2 million in supercars after busting up an arbitrage scam selling counterfeit tokens. 

According to a report by China’s Ministry of Public Security, police in the city of Wenzhou arrested 10 individuals connected to operating a fraudulent cryptocurrency scheme. The report claims the arbitrage group was scamming victims using blockchain smart contracts to generate fake cryptocurrencies. 

Following the bust, authorities seized bitcoin, ether, and tether worth over 100 million yuan ($15 million). The report also claims police seized several supercars, including a Ferrari and a McLaren valued at more than $2 million, in addition to the luxury villa in which the scammers were staying. 

The arrested individuals had reportedly operated a smart contract scheme since 2019, which advertised a blockchain product that claimed to generate Huobi’s native token HT. Unsuspecting consumers were promised the tokens would generate arbitrage opportunities worth a return of up to 8%. 

One victim, identified as Li in the report, first notified police after joining a Telegram group belonging to the scam artists. 

Li told authorities, 

Simply put, you send one unit of ETH to a designated address, you will receive 60 HT. And then you can sell it to gain the difference.

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