• Dapps:16.23K
  • Blockchains:78
  • Active users:66.47M
  • 30d volume:$303.26B
  • 30d transactions:$879.24M

Brazilian Extradited to U.S. for $290 Million Bitcoin Scheme Charges

user avatar

by Giorgi Kostiuk

7 months ago


Douver T. Braga, a Brazilian national, has been extradited from Switzerland to the United States to face charges related to a $290 million Bitcoin investment fraud scheme.

Extradition and Charges

According to a press release by the U.S. Department of Justice, Braga pleaded not guilty to a 13-count indictment accusing him of wire fraud and conspiracy in connection with the Trade Coin Club (TCC) operation while appearing before a U.S. District Court in Seattle on February 21, 2025.

Details of Bitcoin Fraud

Braga allegedly ran the fraudulent platform between 2016 and 2021 while residing primarily in Florida. Though TCC was registered in Belize, it attracted more than 126,000 investors from 231 countries, promising substantial returns through an automated Bitcoin trading system. However, U.S. investigators found no evidence that such a platform or trading software ever existed. According to the indictment, investors entrusted over 82,000 Bitcoin—valued at approximately $290 million during the scheme's active years—to TCC. Prosecutors claim Braga misappropriated a significant portion of these funds, personally transferring at least $50 million in Bitcoin to accounts under his control between December 2016 and July 2019. The fraudulent operation began to unravel in late 2017 as investors encountered difficulties withdrawing their funds. By early 2018, TCC announced the termination of its U.S. operations and abruptly cancelled user accounts, leaving many, including victims in Washington state, without access to their investments. Federal authorities have labelled TCC a classic Ponzi scheme, in which earlier investors were paid using deposits from newer participants rather than legitimate trading profits. Acting U.S. Attorney Teal Luthy Miller described it as a sophisticated deception that targeted victims globally. In addition to the fraud charges, authorities have accused Braga of major tax evasion, alleging he vastly underreported his cryptocurrency earnings. Investigators claim that despite receiving tens of millions of dollars in Bitcoin between 2017 and 2019, Braga declared only a fraction of his actual income. In 2017 alone, he reportedly received $30.5 million in Bitcoin while reporting just $152,298 in income.

It was a sophisticated deception that targeted victims globally.Teal Luthy Miller

Other Fraud Cases

In recent months, authorities have pursued similar cases worldwide. In October 2024, Austria concluded its largest-ever fraud trial, which centred around a sophisticated €20 million crypto Ponzi scheme. The trial, held at the Klagenfurt Regional Court, lasted 60 days and led to five convictions involving eleven suspects from Austria, Croatia, and Italy.

Braga now faces 12 counts of wire fraud and one count of conspiracy to commit wire fraud, each carrying a potential 20-year prison sentence if convicted.

0

Rewards

chest
chest
chest
chest

More rewards

Discover enhanced rewards on our social media.

chest

Other news

Significant Bitcoin ETF Outflows Mark Shift in Market Sentiment

chest

On September 17, Bitcoin ETF outflows reached $51 million, marking the first major withdrawal after seven consecutive days of inflows, driven by institutional investors repositioning their cryptocurrency holdings.

Miguel Rodriguez

KRW1 Launch Signals Competitive Landscape for Stablecoins in Asia

chest

The launch of KRW1 by BDACS marks a significant development in the competitive landscape for stablecoins in Asia.

Luis Flores

Future Plans for RLUSD Stablecoin Partnership Include Credit Solutions

chest

The second phase of the RLUSD stablecoin partnership will explore using sgBENJI tokens as collateral for credit facilities, with DBS acting as custodian for third-party lending platforms.

Maria Gutierrez

KRW1 Stablecoin Launch Marks a Significant Milestone for South Korea's Digital Asset Sector

chest

The launch of the KRW1 stablecoin by BDACS on September 17 marks a significant milestone for South Korea's digital asset sector, being the first fully operational won-pegged stablecoin on the Avalanche blockchain.

Arif Mukhtar

RLUSD Stablecoin Partnership Powers Institutional Crypto Yield With XRP Ledger

chest

A partnership between DBS Digital Exchange, Franklin Templeton, and Ripple has created the first tokenized money market fund repo trading system on the XRP Ledger, delivering institutional crypto yield solutions for accredited investors.

David Robinson

XRP's Real-World Applications Boost Growth Potential

chest

XRP is experiencing significant growth potential due to its real-world applications in banking and remittances.

Andrew Smith

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.