Simply put
- Three Brazilian men were sentenced to 170 years in prison this week on a Bitcoin investment scheme that authorities say is fraudulent.
- Prosecutors say Braiscompany has deceived investors out of the $109 million.
A Brazilian court this week imprisoned three men in part of the crypto Ponzi scheme, which said prosecutors had seduced investors within about $190 million.
The court said local media said Joel Ferreira de Souza, Gesana Lein da Silva and Victor Augusto Veronez de Souza were sentenced 170 years later behind bars for their role in running the bar.
Braiscompany has promised people a false return on their Bitcoin investment, prosecutors said. Back to 2021, the company was like that. defendant It was a pyramid scheme, and was the case with Brazilian police officers. investigation Braiscompany in 2023.
Prosecutors argued that Ferreira de Souza was the mastermind behind the scheme. He received his biggest sentence of 128 years behind bars.
Brazil’s federal prosecutor’s office claims the trio has surpassed $1.1 billion, totaling over $190 million from around 20,000 investors, many of which have plugged personal savings into the scheme.
The defendant was ordered to pay the investor R$36.5 million ($6.2 million), and authorities seized some of the assets. Local media reports that the scam is the largest crypto fraud in the country’s history.
Brazil – Latin America’s largest economy is crypto hotspots. This country has more Bitcoin ETFs than any other country in the region. Many of the country’s major banks offer investors’ digital asset exposure.
edit Andrew Hayward
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