Bitcoin Pharaoh admits to cryptocurrency market manipulation

Glaidson Acácio dos Santos, known as the ‘Bitcoin Pharaoh,’ admitted in court testimony that he acted as a ‘whale’ to manipulate cryptocurrency prices. Operating through GAS Consultoria, the scheme allegedly moved over R$ 38 billion and affected approximately 77,000 victims. Acácio testified that he coordinated actions with other large investors to force the prices of certain digital currencies down.

Acácio and his wife, Mirelis Yoseline Diaz Zerpa, are accused of leading a criminal organization that attracted investors—including athletes and artists—with promises of above-market returns. Investigations suggest the scheme functioned as a pyramid, using new client deposits to pay older ones. Authorities identified that 4,500 bitcoins, worth approximately R$ 1 billion, were withdrawn in Kissimmee, Florida, following Acácio’s arrest.

While the Federal Police hold a ‘cold wallet’ containing his digital assets, Acácio claimed during his testimony that the funds stored in the device are sufficient to repay all creditors. Currently, creditors are seeking nearly R$ 3 billion in court. If convicted, the couple and 15 others could face prison sentences exceeding 40 years.