A recently leaked tax filing has seen the CEO of the Brazilian cryptocurrency firm, Grupo Bitcoin Banco, admit to owning a large amount of Bitcoin. Specifically, the CEO, Claudio Oliveira, supposedly owns around 25,000 Bitcoin – or $209 million worth of Bitcoin.
Grupo Bitcoin Banco CEO owns over $200 million worth of Bitcoin
This tax document was shared by the crypto news outlet Cointelegraph by an individual who is supposedly close to Brazil’s tax authority. The Brazilian tax authority, the Department of Federal Revenue, has released the holdings of Oliveira and it shows he is no stranger to Bitcoin.
Rather, the CEO supposedly owns over $200 million worth of the premier cryptocurrency. This is especially notable, seeing as the traditional bank sector oftentimes resists the prospect of rising adoption of cryptocurrency.
The document itself, which shows that the bank’s CEO owns a staggering amount of Bitcoin, is real it is nonetheless unclear how accurate it is. To be precise, it is clear that the document is genuine. However, it is not possible to tell exactly how accurate the reported numbers really are.’
This is primarily due to the fact that Brazilian tax filings are self-reported. As such, the CEO of Grupo Bitcoin Banco could conceivably own even more Bitcoin than he has hitherto reported.
Furthermore, Cointelegraph reports that these assets can play another role. In addition to revealing the CEO’s apparent affinity for Bitcoin, they could also help the ailing Grupo Bitcoin Banco. As this bank faces financial troubles, it is – according to Brazilian law – entirely possible that authorities ask for the CEO to cover the firm’s debt.
Was the firm hacked to begin with?
Previously, Oliveira’s firm has reported a hacking attack. Nevertheless, if authorities recognize that Grupo Bitcoin Banco was, instead, engaged in fraud, it may very well lead them to seize the CEO’s funds.
To add a bit of content to this unfolding affair, Oliveira’s assets have become clear during an ongoing police investigation. To be clear, this investigation comes as the CEO’s firm has seen an increasing amount of legal troubles.
This took off after Grupo Bitcoin Banco said it had been struck by a security breach back in May of this year. This breach reportedly saw some users’ balances double, and let them withdraw funds that did not exist.
The cost of this security breach has been estimated to be around $13 million. As such, it seems clear that the CEO’s Bitcoin funds could comfortably cover any such expense.
Rasmus Pihl is a writer for Toshi Times by day and an avid follower of the blockchain industry by night. Rasmus holds a Bachelor’s Degree in Marketing from the Gothenburg School of Business, Economics, and Law and runs a Swedish marketing consulting firm. Moreover, when he isn’t writing for Toshi Times, traveling, working or changing the world in some other capacity, Rasmus is more than likely caught up in postgraduate studies.