Five years after the arrest of Glaidson Acácio dos Santos, known as the Bitcoin Pharaoh, one question still troubles thousands of victims of GAS Consultoria: where did the money go? In a report aired by Fantástico, on Brazil's TV Globo, the businessman told the court that a fortune in cryptocurrency still exists, large enough to repay the creditors of the company, which stands accused of running one of the largest financial frauds involving digital assets in Brazil.
The fortune, according to Glaidson, sits in a cold wallet seized by Brazil's federal police, the Polícia Federal, and kept in a safe. The device, resembling a USB drive, would store the digital keys needed to access the assets. Asked by the judge whether the wallet held a substantial sum, he said yes. Asked whether the amount would be enough to repay all creditors, he repeated: "Yes. Yes. Yes."
Despite this, Glaidson himself said he does not know the password "by heart". "It's there. It's all there," he said. The statement leaves open one of the central mysteries of the case: whether the funds exist, in what volume, and whether they can be accessed to compensate investors.
GAS Consultoria promised returns of 10% a month from purported cryptocurrency trading operations. According to the Polícia Federal, the informal investment network moved 38.2 billion reais (roughly 6.41 billion euros). The creditor list in the company's bankruptcy proceedings runs to more than 77,000 people and businesses, with debts close to 3 billion reais (roughly 503 million euros).
"I turn myself into a whale"
In his testimony, Glaidson also explained how he claimed to deliver such high returns to clients. He said the volume of money raised from thousands of investors allowed him to act as a "whale" in the crypto market — a term used for holders of large quantities of an asset.
"Because I was raising this money from many people, I turn myself into a whale," he said. He added that he would contact other whales to coordinate market moves. "You bet on the drop, leverage ten times, and we crash the price. We plunge the price of a given cryptocurrency," he stated.
Asked by federal prosecutors whether this was not illegal, Glaidson replied: "It's not illegality, it's a lack of ethics."
The remark stands out because it attempts to frame the promised returns not as a Ponzi scheme, but as the result of large-volume market operations. Authorities, however, maintain that GAS functioned as a criminal organisation dedicated to unauthorised fundraising, unlicensed investment offerings and fraudulent management.
Glaidson himself confirmed in his testimony his central role in the company. He described himself as the "originator", "founder", "chairman", "manager" and "person responsible" for GAS.
Funds were raised through thousands of contracts, many of them small. "Grain by grain, the hen fills its crop," the businessman said, describing how the sums accumulated. In another passage, he said employees would fly cash by helicopter to São Paulo, where third parties transferred the funds into GAS wallets.
The case unfolded at a time when Brazil's crypto market had no specific rules in place. Regulation of the sector only began to take shape after the legal framework for crypto assets was approved in 2022, followed by rules from Brazil's central bank, the Banco Central do Brasil, governing virtual asset service providers.
Mirelis denies running the operation, prosecutors seek conviction
The report also featured testimony from Mirelis Diaz Zerpa, Glaidson's wife and business partner. Arrested in Chicago in 2024, when she was considered a fugitive from Brazilian justice, she was deported to Brazil the following year and is being held in pre-trial detention in Rio de Janeiro.
Mirelis denied having managed GAS. According to her, her role was to study cryptocurrencies, grow money through trading operations, and pass a percentage on to Glaidson. "I never handled the management of that," she said. At another point, she said the case felt "like a science-fiction novel".
Federal prosecutors, however, argue that Mirelis was part of the leadership of the scheme alongside her husband. One point under investigation is the movement of 4,500 bitcoins after Glaidson's arrest in 2021. According to prosecutors, the transactions originated from a computer in Kissimmee, Florida, where Mirelis was staying. At the time, the amount was worth more than 1 billion reais (roughly 167.8 million euros).
Asked about the case, Mirelis said she only withdrew her own money and denied taking funds from the company. Her defence states that she was not part of GAS's administrative structure and that, after Glaidson's arrest, she was advised by lawyers to keep paying clients, including through the sale of bitcoins from the company's wallets.
In closing arguments, federal prosecutors sought the conviction of Glaidson, Mirelis and 15 other people accused of belonging to the group. If convicted, they could face more than 37 years in prison.
Glaidson's defence denies the accusations and maintains that he is innocent. His lawyers argue that GAS's activities did not amount to a crime against the national financial system and that payments to clients stopped because of a court order. The defence also disputes the company's list of creditors.
Beyond the financial charges, Glaidson also faces charges of homicide and attempted homicide. According to prosecutors in Rio de Janeiro, he allegedly took part in crimes committed in 2021 against rivals of GAS Consultoria. One of the victims was trader Wesley Pessano. The trial in that case has been rescheduled for 25 February 2027.
Glaidson remains in custody at the Catanduvas federal penitentiary in the state of Paraná. For victims, the main question now is whether the cold wallet he referred to really does hold a fortune in cryptocurrency — and whether the courts will be able to access the assets before they are lost for good.
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