Douver T. Braga, a Brazilian national, has been extradited from Switzerland to the United States to face serious fraud charges linked to a $290 million Bitcoin investment scheme. The U.S. Department of Justice announced that Braga pleaded not guilty to a 13-count indictment when he appeared before a U.S. District Court in Seattle on February 21, 2025. The charges include wire fraud and conspiracy in connection with his role in the Trade Coin Club (TCC) operation.
Between 2016 and 2021, while primarily residing in Florida, Braga allegedly ran the fraudulent investment platform. Although TCC was registered in Belize, it attracted over 126,000 investors from 231 countries, lured by promises of substantial returns through an automated Bitcoin trading system. However, U.S. investigators found no evidence that such a system or trading software ever existed.
According to the indictment, investors entrusted more than 82,000 Bitcoin—valued at approximately $290 million at the time—to TCC. Prosecutors claim that Braga misappropriated a large portion of these funds, personally transferring at least $50 million in Bitcoin to accounts under his control between December 2016 and July 2019.
The fraudulent scheme began to collapse in late 2017 when investors started experiencing withdrawal issues. By early 2018, TCC announced the termination of its U.S. operations and abruptly shut down user accounts, leaving thousands—including victims in Washington state—without access to their funds.
Federal authorities have classified TCC as a textbook Ponzi scheme, where earlier investors were paid with deposits from newer participants rather than legitimate trading profits. Acting U.S. Attorney Teal Luthy Miller described it as a highly sophisticated fraud that deceived victims worldwide.
In addition to the fraud charges, Braga is also accused of major tax evasion. Authorities allege that he grossly underreported his cryptocurrency earnings despite receiving tens of millions of dollars in Bitcoin between 2017 and 2019. In 2017 alone, he reportedly received $30.5 million in Bitcoin but declared only $152,298 as income.
Braga now faces 12 counts of wire fraud and one count of conspiracy to commit wire fraud. If convicted, each count carries a potential prison sentence of up to 20 years.
Authorities worldwide have intensified efforts to combat cryptocurrency-related fraud. In October 2024, Austria concluded its largest-ever fraud trial, involving a €20 million crypto Ponzi scheme. The trial, held at the Klagenfurt Regional Court, spanned 60 days and resulted in five convictions, implicating eleven suspects from Austria, Croatia, and Italy. Braga’s case is the latest in a growing crackdown on crypto-related financial crimes across the globe.
By Alejandro Silva Ramírez, Crypto Analyst & Columnist