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Brazilian Mastermind Extradited to U.S. Over $2.9B Crypto Scam
Generated by AI AgentCoin World
Friday, Feb 21, 2025 6:36 pm ET1min read
Brazilian national Douver T. Braga has been extradited from Switzerland to the United States to face charges related to a $2.9 billion cryptocurrency scam. Braga, who is accused of orchestrating a Ponzi scheme through his Trade Coin Club (TCC), appeared in court at the federal court in Seattle on February 22, 2025.
Braga is facing 12 counts of wire fraud and 1 count of conspiracy to commit fraud, with a maximum sentence of 20 years in prison. The U.S. Department of Justice alleges that Braga's TCC claimed to use an "advanced algorithm" to generate profits, but was actually a Ponzi scheme that defrauded 82,000 bitcoins, with at least $50 million directly deposited into a personal account.
The case was investigated by the FBI and IRS-CI. Braga has denied the charges, and the trial is scheduled for April 28, 2025. This high-profile case highlights the growing concern over cryptocurrency scams and the international cooperation required to bring those responsible to justice.
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