Brazilian Man Faces U.S. Court Over $290 Million Bitcoin scam
A Brazilian man is now in U.S. court after being extradited from Switzerland. Douver T. Braga, 48, faces charges for a massive Bitcoin investment fraud.The U.S. Department of Justice says he pleaded not guilty to a 13-count indictment.
Braga ran Trade Coin Club (TCC) from 2016 to 2021, mostly while living in Florida. TCC claimed to be based in Belize and promised returns through Bitcoin trading software. It attracted over 126,000 members in 231 countries.
Investigators found no evidence of a real trading platform. The indictment shows that investors gave TCC over 82,000 Bitcoin,worth more than $290 million. Braga allegedly took these funds, moving at least $50 million to his accounts.
Acting U.S. Attorney Teal Luthy Miller called TCC a Ponzi scheme. Early investors were paid using money from newer participants. Braga promoted TCC globally, giving presentations in Thailand, Nigeria, and Macau in 2017.
Problems started in late 2017 when investors had trouble accessing their funds. By January 2018, TCC stopped U.S. operations, affecting many investors in Washington state.
Federal investigators also found Braga evaded taxes. He failed to report significant cryptocurrency earnings from 2017 to 2019.
Braga faces 12 counts of wire fraud and one count of conspiracy. Each count carries a maximum 20-year prison sentence if proven guilty.
This case is part of a growing list of major cryptocurrency fraud prosecutions. Law enforcement is increasingly focused on these crimes across international borders. They are collaborating and using various methods to track and seize the crypto involved.
