A court in Rio de Janeiro confirmed this week the bankruptcy of GAS Consultoria e Tecnologia, a company linked to Glaidson Acácio dos Santos, the self-proclaimed “Pharaoh of Bitcoins.” With liabilities exceeding R$ 3.8 billion, the decision marks a new chapter in the downfall of one of the largest financial pyramid schemes involving cryptocurrencies in Brazil’s recent history.
The ruling was handed down by Judge Arthur Eduardo Magalhães Ferreira, of the 5th Business Court of Rio, and transforms what was previously only a precautionary measure into definitive bankruptcy. From now on, the company enters judicial liquidation, and the identified assets must be used to try to compensate the thousands of injured investors.
G.A.S Consultoria promised fixed monthly returns of up to 10% on cryptocurrency investments, something totally incompatible with market reality. The company mainly attracted small investors, many of them with little technical knowledge, who saw the business as a chance to change their lives.
According to data from the judicial administration, 127,785 people tried to register as creditors of the company, but only 62,604 presented valid documentation proving the contributions made.
Who are the creditors?
The distribution of creditors exposes the profile of the pyramid:
- 74% invested up to R$ 50,000
- Only 5% have credits above R$ 200,000, but they represent 29% of the deficit.
These are, for the most part, ordinary families, workers, retirees, and small business owners who trusted the discourse evangelized by Glaidson – a former pastor of the Universal Church – and his network of investment promoters.
It is worth noting that Glaidson Acácio do Santos faces the accusation of being the mastermind behind the murder of Wesley Pessano, who was shot dead in broad daylight in 2021. The Pessano Family remains firm in its pursuit of justice and accountability for those involved, awaiting the outcome of the criminal proceedings with the hope that the culprits will be punished to the full extent of the law.
What happens now?
With the bankruptcy decreed, the company loses control of its activities, and a judicial administrator takes over the investigation of the assets. The sale of these assets should be carried out over the next few months to pay creditors.
But there is a problem: most of the amounts were hidden or transferred abroad, and in cryptocurrencies. Recent movements in millions of reais linked to Mirelis Zerpa, the Pharaoh’s wife, have been identified.
Not to mention that after Glaidson’s arrests, Mirelis began to pulverize the capital. The Peel chain style of concealment was identified, which is a technique to launder and make tracking difficult by having a large amount of cryptocurrencies through a long series of small transactions, that is, as if it were an onion, a layer is peeled off from the holder’s address in a low-value transfer, and these outputs are often directed to exchanges.
Will the victims be compensated?
The bankruptcy process does not guarantee full compensation, but it is the legal way for victims to be recognized as creditors and participate in the distribution of recovered assets, but it may still be a long road, and the amount available should be much lower than the amount owed.
Article written by ceifador de golpistas
Private Crypto Investigator
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