By 2017, dos Santos was starting to make serious money - and attract authorities' attention. That year his company´s transactions totaled nearly 10 million reais ($1.8 million), 15 times higher than the previous year as money siphoned in and out of his bank accounts from all over Brazil, according to a federal police report.
The country´s financial intelligence unit also noticed the company - at the time registered as a restaurant - was regularly trading cryptocurrency on online exchange platforms.
The exchange owners can use this for a variety of things and earn profits, and in exchange, the customers will earn rewards and interest for retaining their cryptocurrency.
By participating in the staking pool and holding their cryptocurrencies there, the crypto exchange users can stake their coins.
Meanwhile, trades in Brazilian reais on the world´s largest cryptocurrency exchange, Binance, jumped to nearly $8.5 billion in the fourth quarter of 2021, from just $152 million over the same period a year earlier, according to market data provider Kaiko.
A user can refer to the exchange platform for others with their referral code, and this enables the user to earn referral rewards.
By this, the exchange owner as well as the user benefits from it.
In Cabo Frio, dos Santos' success inspired other budding entrepreneurs to follow in his footsteps - not to mention those of Charles Ponzi, who died nearby in a Rio de Janeiro hospital charity ward in 1949.
The Italian immigrant who engineered one of the largest scams in U.S. history in the 1920s was buried in a public Rio cemetery with his last $75.
(AP Photo/Bruna Prado)" class="blkBorder img-share" style="max-width:100%" />
Lawyer Luciano Regis, 35, during an interview in Sao Pedro da Aldeia, Brazil, Wednesday, Dec.
15, 2021.
Mayor Jose Bonifacio listens during an interview in his City Hall office of Cabo Frio, Brazil, Wednesday, Dec.
15, 2021. Bonifacio acknowledges his city found itself under a spell. Bonifacio acknowledges his city found itself under a spell. Bonifacio acknowledges his city found itself under a spell. "The talk of the town was to know how much [bitcoin] was at,
币安期货交易 who was giving a bigger return," he said. (AP Photo/Bruna Prado
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