Initially launched as a promising financial group in Brazil's burgeoning cryptocurrency market, Grupo Bitcoin Banco operated several platforms, most notably the exchanges NegocieCoins and TemBTC. The company attracted thousands of clients by promising exceptionally high, guaranteed returns on cryptocurrency investments. However, in 2019, the group blocked customer withdrawals, claiming to be the victim of a major hack. Subsequent investigations by clients and authorities revealed a multi-billion Reais pyramid scheme, leading the company to file for judicial recovery and ultimately being declared bankrupt. Its founder was later arrested for financial crimes.

Founded in

Brazil