Flashy Instagram Crypto Trader Shot Dead in Porsche

Brazilian crypto trader Wesley Pessano Santarem was shot dead in broad daylight on August 4 when a hail of bullets sprayed his red Porsche as he drove through the city of Sao Pedro da Aldeia on his way to get a haircut.

Police said Santarem was hit by at least four bullets, including a fatal shot to his head. An unnamed friend of his travelling in the passenger seat of the Porsche at the time of the shooting was also injured. 

Santarem, who was just 19, was an “Insta-bragging” trader who flaunted his wealth on his Instagram page, often posting photographs of himself and his expensive car, with rolls of cash in hand. It seems he was targeted because of this, as other young crypto traders (Kieren Hamilton, from Manchester, UK, for example) have also been the victims of violent crime.

Santarem had 133,000 followers on Instagram, plus a YouTube channel with 15,600 subscribers to whom he gave trading tips.

“Finfluencers”, or social media influencers who give financial advice, with the disclaimer #notfinancialadvice, to their followers are on the rise. The penalty for giving unlicensed advice in Australia is up to five years’ imprisonment and/or a fine of up to A$133,200 for an individual and 10 times that for businesses.

However, international finfluencers based overseas are not subject to Australian laws. Just last month, ASIC cautioned new and young investors about the risks of taking advice from finfluencers. And a report from the Australian Competition and Consumer Commission published in June revealed Australians lost A$26.5 million in bitcoin to scams in 2020, adding that scammers are now commonly receiving money from victims via crypto.