The CEO of Brazilian cryptocurrency firm Grupo Bitcoin Banco has claimed 25,000 Bitcoins - a staggering $209 million as of press time - on a tax filing, while also saying his firm is unable to pay out customer funds as the result of a hack.
Although Grupo Bitcoin Banco has always maintained it was the victim of a hack, the firm has yet to offer any evidence in support of that claim.
Military police officers raided the headquarters of Grupo Bitcoin Banco on Aug. 20 to seize an unspecified quantity of Bitcoin.
A legal representative for Grupo Bitcoin Banco alleged that authorities used excessive force.
The tax document shows that Oliveira initially declared that he owned 20,000 Bitcoins, but later amended the amount to 25,000 Bitcoins.
The balance reported on the tax statement is personal and is not linked to Grupo Bitcoin Banco.
GBB argues that the private Bitcoin holdings of Oliveira are not in anyway related to the GBB's Bitcoin holdings or the debts to its clients.
Local legal experts told Cointelegraph that Brazilian law could theoretically demand Oliveira's personal assets - the most valuable of which is his reported BTC holdings - to cover Grupo Bitcoin Banco's debt.
In another case more akin to the predicament with Grupo Bitcoin Banco, the assets of Eike Batista and his sons - totaling 1.6 billion Brazlian reals - were frozen.
With the extent of Oliveira's personal Bitcoin wealth now a matter of public record, it remains to be seen if he will be forced to use those funds to pay Grupo Bitcoin Banco's debts.
Leaked Tax Filing: CEO of Under Fire Brazilian Firm Owns 25,000 Bitcoin
gepubliceerd op Oct 1, 2019
by Cointele | gepubliceerd op Coinage
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