Brazilian Douver T. Braga has appeared in a Seattle court accused of a $290 million Bitcoin fraud. The charges relate to the Trade Coin Club platform.
A Global Bitcoin Scam That Looked Like an Investment
According to the U.S. Department of Justice, Braga ran the Trade Coin Club (TCC) platform from 2016 to 2021. Over 126,000 people from 231 countries invested more than 82,000 Bitcoin, worth over $290 million, into TCC. However, it was discovered that the promised Bitcoin trading software did not exist. Instead of investing the money, Braga allegedly took at least $50 million in Bitcoin.
Tax Evasion and Fraudulent Earnings
Federal investigators also found that Braga avoided paying taxes on his earnings from the scheme. In 2017, he received $30.5 million in Bitcoin but reported only $152,298. He faces 12 charges of wire fraud and one of conspiracy to commit wire fraud. If convicted, he could face up to 20 years in prison for each charge.
A Crackdown on Bitcoin Fraud
Braga's case is part of a global crackdown on crypto fraud. In 2024, the U.S. Securities and Exchange Commission sued brothers Jonathan and Tanner Adam for orchestrating a $60 million Ponzi scheme. Similar cases have been filed against other individuals and organizations, reflecting increased efforts by law enforcement to combat crypto fraud.
The Braga case highlights the importance of global coordination to combat international cryptocurrency fraud. Law enforcement agencies are ramping up efforts to identify and prosecute fraudsters.
