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Brazil: Bitcoin pyramid schemes wreak havoc in Rio de Janeiro's Cabo Frio city


Cabo Frio, a seaside city of 230,000 people in Rio de Janeiro state, came to be known as “New Egypt” due to the Bitcoin fervor and high number of alleged pyramid schemes. The central figure in what is alleged to be one of Brazil’s biggest-ever pyramid schemes is 38-year-old Glaidson Acácio dos Santos. Police say his company, G.A.S Consulting & Technology, a cryptocurrency investment firm, had total transactions worth at least $7 billion ($38 billion reals) from 2015 through mid-2021 as part of a Bitcoin-based Ponzi scheme that promised investors 10% monthly returns.



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