Crypto news from Brazil and China

The crypto market in China has a huge potential for several reasons. Firstly, China is an economic superpower. Moreover, the country is the leading producer of equipment used for crypto mining. Recently, President of People’s Republic of China Xi Jinping endorsed the blockchain technology.

The Center for Information and Industry Development (CCID) released the 15^th update of its crypto rankings. CCID is part of China’s Ministry of Industry and Information Technology.

It is important to mention that it was the last release in 2019. The previous version dates to September. There are 35 crypto projects on the list.

EOS retained its position at the top of the overall ranking. The second place belongs to Ethereum, and on the third place is Tron.

Alleged crypto crime in Brazil

The government affluent Brazilian state of Parana released information regarding the case connected with crypto.

Civil police in the state raided an unnamed organization in the state capital. The purpose of this nationwide operation was to shut down an alleged Bitcoin investment scheme.

Police officers in Curitiba, Sao Paulo, and other regional cities conducted this raid on Thursday. Based on the information provided by the government, as many as 5,000 people fell victim to this scheme. The group promised the victims that they would receive high returns on Bitcoin investments.

Suspects used social media to target the victims. According to the scheme, people who would agree to this offer had to send funds.

Suspects assured their clients that their investments would grow by three to four percent on a daily basis. However, victims were not allowed to withdraw their assets. The money they invested in this alleged investment scheme disappeared.

Last week, civil police arrested nine individuals. Police in Brazil filed charges of fraud, money laundering, criminal association, and forgery against the group. In total, as a result of these illegal activities, this group was able to steal 1.5 billion Brazilian reals or $359 million.