, a Brazilian national was extradited to the US from Switzerland in relation to a $290 million crypto fraud scheme.){kind=link}
A Brazilian national was extradited to the United States from Switzerland by the US Department of Justice (DOJ) in connection with a $290 million crypto fraud scheme that took place between 2016 and 2021.
According to official reports, the Brazilian national, who is facing a 13-count indictment for wire fraud and conspiracy in connection with his crypto investment scheme, showed up in the United States District Court in Seattle.
The case comes against the backdrop of a rise in crypto frauds across the US and the globe.
How Was The Crime Committed?
The accused has been identified as Dover Braga, 48, who has committed the majority of his fraudulent acts while residing in Florida between 2016 and 2021.
U.S. Attorney Teal Luthy Miller stated, “Mr. Braga allegedly operated a fraud scheme that dates back more than a century, but he updated his ‘Ponzi’ scheme with the hot new thing: bitcoin.”
“The investors who were harmed have been waiting for justice for years. I want to thank the FBI and IRS Criminal Investigation, our federal colleagues, for their hard work on this matter.”
The indictment claims that Braga and other others plotted to establish Trade Coin Club (TCC), a cryptocurrency trading firm with a Belizean office. Braga collaborated with others to market TCC as early as 2016, asserting that investors would profit from the company’s advanced software, which enabled them to take advantage of the volatile price of Bitcoin.
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Brazilian Man Charged With Multilevel Marketing Scam
Braga was charged with operating an illicit multilevel marketing scam and a Bitcoin investment scheme that served as a front for a Ponzi scheme in the DOJ indictment. Following the suspect’s capture by Swiss authorities, the indictment was released when the grand jury returned it in October 2022.
Braga entered a plea of “Not Guilty” to the accusations, and the trial was set for April 28, 2025, with US District Judge Tana Lin serving as the presider.
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Crypto Scams See Rise Across The Globe
The growing popularity of digital currencies and the absence of thorough laws have led to a rise in cryptocurrency frauds that is a serious problem in the United States and around the world.
Through phishing attacks, phony initial coin offerings, and Ponzi schemes, scammers take use of the anonymity and decentralized nature of cryptocurrencies to trick investors. According to the Federal Trade Commission (FTC), victims of cryptocurrency-related frauds in the United States have lost billions of dollars.
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The quick growth of cryptocurrency markets around the world has also drawn hackers, which has resulted in complex frauds including rug pulls, phony exchanges, and hacking attacks that target wallets and exchanges.
Many victims, particularly those who are unfamiliar with cryptocurrency, are duped by claims of safe investments or large profits.
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Regulators are rushing to enact stronger laws and improve security measures as cryptocurrencies gain popularity. However, the rapidly changing nature of the industry makes it difficult to effectively address the growing fraud.
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