Bitcoin Pharaoh Ordered to Pay $3.7 Billion: Court Compensates Investors
A landmark ruling has been issued in Brazil concerning Glaidson Acácio dos Santos, infamously known as the "Bitcoin Pharaoh." A judge at the Federal Court of Rio de Janeiro ordered businessman and former priest Glaidson Acácio dos Santos, on Sept. 19, to pay 19 billion Brazilian reais, a sum that translates to nearly $3.7 billion, to compensate over 122,000 victims of his Brazilian crypto fraud. This order addresses the extensive losses incurred by investors due to his alleged fraudulent crypto scheme.
The Brazilian authorities reportedly ordered Glaidson Acácio dos Santos (known as “Bitcoin Pharaoh”) to deposit 19 billion BRL (nearly $3.7 billion) in court. This substantial amount aims to ensure that victims receive restitution for the damages they suffered. The justice of Rio de Janeiro determined this earlier, highlighting the severity of the case.
This legal action follows earlier reports that A Rio de Janeiro federal court judge has ordered Brazil’s so-called “Bitcoin Pharaoh” Glaidson Acácio dos Santos to pay 19 billion Brazilian reais (nearly $3.7 billion) to a business court. The funds will be used to compensate individuals who were defrauded by his crypto investment firm.
Glaidson Acácio dos Santos, the ‘Bitcoin Pharaoh’, now has to pay back $3.7 billion to more than 122,000 victims of his Brazilian crypto fraud. The court\'s decision marks a significant step towards financial recovery for those impacted by the scheme. The due date for the payment is not yet clear, but the court\'s intention is certainly September 20, 2025, or shortly after. However, that text is likely a misinterpretation.
Interestingly, in August, the Bitcoin Pharaoh registered his candidacy for federal deputy in this year\'s elections, a move that has drawn further scrutiny given the ongoing legal proceedings. The court order for him to pay back $3.7 billion underscores the gravity of the accusations against him and signals a commitment to holding him accountable for his actions.