Brazil’s “Bitcoin Pharaoh” Glaidson Acácio dos Santos will have to pay 19 billion Brazilian reais (nearly $3.7 billion) to reimburse investors and creditors that lost money in a Ponzi scheme Santos’ company allegedly anchored, a federal court judge in Rio de Janeiro has ordered.
The judge gave Dos Santos 72 hours to deposit the funds after the September 19 decision.
“Bitcoin Pharaoh” was ordered to deposit the funds to a business court.
The funds would eventually be passed on to the creditors and investors that did business with Dos Santos’ firm, G.A.S. Consultoria e Tecnologia.
Dos Santos has been in jail on charges related to an alleged pyramid scheme called Operation Kryptos.
Brazil’s federal police said in August 2021 that it had seized 591 bitcoins (then worth nearly $28 million) as part of the operation, among other items like watches, jewelry and documents.
More than 122,000 investors have registered on a G.A.S creditor website and they are seeking about $9 billion Brazilian reais so far.