‘Bitcoin Pharaoh’ Admits Manipulating Crypto Markets in Court Confessions
Glaidson Acácio dos Santos, known as the 'Bitcoin Pharaoh,' confessed to manipulating cryptocurrency prices alongside his wife Mirelis Yoseline Diaz Zerpa during a legal hearing. Authorities state their criminal scheme involved over R$ 38 billion and affected approximately 77,000 victims.
In court testimonies revealed on Brazilian television, Glaidson Acácio dos Santos and his wife Mirelis Yoseline Diaz Zerpa described the mechanics of a financial pyramid scam disguised as cryptocurrency investment. The couple operates under the alias 'GAS Consultoria' and claimed to act as market 'whales,' a term for investors with enough assets to influence price movements. Glaidson explained how they contacted other large investors to coordinate selling off specific crypto assets, causing prices to crash while others profited from the volatility. He stated this behavior was possible because he had sufficient liquidity. Brazilian authorities accuse them of leading an organized crime group responsible for more than R$ 38 billion in illicit transactions. They claim the fraud caused financial losses totaling R$ 38 billion and impacted approximately 77,000 individuals. The couple pleaded guilty to crimes against the financial system. Glaidson Acácio dos Santos has been under house arrest since 2021. A major unresolved issue remains: the exact value of the cryptocurrency assets currently held in their accounts.
