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Rio Court Sentences ‘Bitcoin Pharaoh’ to 19 Years for Leading Criminal Organization

The state case details a scheme that combined violent enforcement with police bribery to protect GAS’s market dominance.

Overview

  • Judge Nilson Luis Lacerda of the Rio court’s organized crime unit issued the sentence on October 2 in the case stemming from Operation Novo Egito.
  • He remains held at Bangu 1 after the Supreme Federal Court denied a new release request, and the ruling orders his return to a federal maximum‑security prison outside Rio.
  • Prosecutors say he directed an armed group to target competitors, influencers and journalists, and the judge described the structure as an extermination squad at his service.
  • The case cites a R$150,000 bribe in 2021 to Civil Police from the Defraudações division to stage an operation against a rival, with intercepted communications attributed to his authorization.
  • Federal investigations estimate the GAS scheme moved about R$38 billion in a Ponzi structure that harmed hundreds of cryptocurrency investors.