Brazilian national Douver T. Braga has been extradited from Switzerland to the United States to face charges related to a $290 million Bitcoin investment fraud scheme.
Charges and Extradition
According to a press release by the U.S. Department of Justice, Douver T. Braga pleaded not guilty to a 13-count indictment in U.S. District Court in Seattle on February 21, 2025. The charges include wire fraud and conspiracy to commit fraud.
Scheme Description
Braga allegedly ran the fraudulent Trade Coin Club (TCC) platform between 2016 and 2021 while residing primarily in Florida. The platform, which attracted over 126,000 investors from 231 countries, promised returns through an automated Bitcoin trading system that never existed. Investors entrusted over 82,000 Bitcoin, but many were left without access to their investments, as Braga allegedly misappropriated significant funds.
Consequences and Tax Evasion Charges
Federal authorities have labeled TCC a classic Ponzi scheme. Braga also faces charges of major tax evasion, having reportedly underreported his cryptocurrency earnings. In 2017, Braga received $30.5 million in Bitcoin but declared only a small fraction of this income. He faces 12 counts of wire fraud and one count of conspiracy, each with a potential 20-year sentence.
This extradition highlights global efforts to combat cryptocurrency fraud, with similar cases being pursued worldwide, including a recent trial in Austria.
