Brazilian Men Sentenced in $190 Million Bitcoin Investment Ponzi Scheme
Summary
A Brazilian court sentenced three men to a total of 170 years in prison for their involvement in a crypto Ponzi scheme that defrauded investors of approximately $190 million. Joel Ferreira de Souza, identified as the mastermind, received a 128-year sentence. The scheme, operated by Braiscompany, falsely promised returns on Bitcoin investments and was investigated as a pyramid scheme since 2021. The trio allegedly took over $1.1 billion Brazilian reais from around 20,000 investors. They were ordered to repay R$36.5 million ($6.2 million) to investors, and authorities seized some assets. This is considered Brazil's largest crypto scam.
