Brazilian court jails three men for $190 million crypto Ponzi scheme

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A Brazilian court has jailed three men for their involvement in a cryptocurrency Ponzi scheme where they stole about $190 million. According to reports, the Brazilian court slammed a combined jail term of 170 years on the three men, underscoring the severity of the case. The men were accused of being the brains behind the Braiscompany scandal, using the platform to scam unsuspecting users.
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According to the prosecutors, the three men, Joel Ferreira de Souza, Gesana Rayane da Silva, and Victor Augusto Veronez de Souza, defrauded at least 20,000 investors. The scandal has become a big case where most people have been awaiting the outcome, primarily because it involves funds estimated to be around $190 million.
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According to prosecutors, the defendants promised unsuspecting victims unrealistic returns on Bitcoin investments, luring Brazilians into the deceptive pyramid scheme that has gained attention globally. A pyramid or Ponzi scheme is a type of investment where the operators usually float mouth-watering opportunities to users. This way, they recruit a lot of Brazilians looking for profits while paying the earlier ones with funds obtained from new investors.
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In some cases, the platform recruits users who act as advertisers, using several social media platforms to float the opportunities to people, with most of them going as far as developing intimate friendships and relationships with their potential victims before introducing them to the investment opportunities. In this case, the prosecutor mentioned that Ferreira de Souza was the principal of the Braiscompany scheme, noting that the platform operated under the guise of legitimacy to push the opportunity to the general public.
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The prosecutors allege that many people invested funds, with most in digital assets, believing that they were partaking in a life-changing venture. They mentioned that the platform targeted victims who were new to cryptocurrency, noting that the financial fallout from the scheme has been devastating for those who participated. In addition to the jail sentence, the court has ordered the defendants to repay about $6.2 million to investors, as the police continue efforts to recoup some of the stolen funds.
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