Home / Business / Brazil opens a formal investigation into the country's unbroken cryptocurrency fraud

Brazil opens a formal investigation into the country's unbroken cryptocurrency fraud



Brazilian Congressman Aureo Ribeiro, author of a bill aimed at regulating the Brazilian crypto market, requested the opening of a Parliamentary Investigation Commission (PCI) to investigate cryptocurrency-related fraud in Brazil.

Cointelegraph gained access to a document requesting, among other things, a thorough investigation of companies such as Atlas Quantum (and CEO Rodrigo Marques), Zero10 and Trader Group.

"The growing interest in cryptocurrency transactions has been accompanied by a proliferation of fraud," the document states. "The lack of regulation and monitoring combined with high levels of abstraction, anonymity, cross-border operations and other features inherent in the cryptocurrency market shows potential risks to users and investors."

Congressman also explains in the same document why Atlas Quantum ̵

1; once the largest cryptocurrency in Brazil, but now facing legal and financial problems – should be investigated:

"Atlas Quantum released a video on September 18 showing a cryptocurrency balance of more than $ 54 million (at current price) that would have been retained in three accounts on the HitBTC stock exchange, but the stock exchange denied it through its official Twitter profile on October 2, 2019, informing investors that Atlas Quantum does not leave any value stored in the platform HitBTC further stated that the video was fake and that the Atlas team did not request any official request for help., there are many investors who fear that the company will not be able to fulfill its obligations to customers if everyone asks for withdrawals. the case, Atlas Quantum presented an audit report that probably certifies the amount of Bitcoins and Stackecoins But it would be enough to fulfill its commitments with the entire customer base? "

The congressman also talks about the epidemic of cryptocurrency pyramid systems in Brazil:

" The amount of fraud related to Bitcoin and cryptocurrencies is frightening. We have opened a new page on our website for people who have had problems with pyramid systems to report their cases, and we have received a large number of reports and inquiries from people throughout Brazil. "

The document requesting the investigation it was signed by 234 congressmen, which is 63 more than the minimum required to approve the investigation.

" We have received so many reports that PCI will be a great effort and will need a great workforce. We ask everyone who has had problems with cryptocurrency companies to go to my website: deputadoaureo.com.br and look for the appropriate tab to file their complaint about pyramid schemes, "said the assistant.

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