A Brazilian citizen, Douver T. Braga, has been extradited from Switzerland to the United States to face charges related to a cryptocurrency fraud scheme exceeding $290 million. The 48-year-old appeared in the U.S. District Court in Seattle, following an indictment for wire fraud and conspiracy concerning his bitcoin investment activities.
Braga, who resided in Florida from 2016 to 2021, is accused of running a Ponzi scheme disguised as a bitcoin investment platform. Acting U.S. Attorney Teal Luthy Miller stated, "Mr. Braga allegedly ran a fraud scheme that harkens back more than a century, but he updated his ‘Ponzi’ scheme with the hot new thing: bitcoin." She commended federal partners at the FBI and IRS Criminal Investigation for their work on the case.
The indictment was initially returned by a grand jury in October 2022 and unsealed last week after Braga's arrest in Switzerland. He pleaded "Not Guilty," with trial scheduled for April 28, 2025, before U.S. District Judge Tana Lin.
According to court documents, Braga conspired with others to establish Trade Coin Club (TCC), purportedly based in Belize. Starting in 2016, he promoted TCC as having sophisticated software capable of profiting from bitcoin price fluctuations and encouraged investors to recruit others for additional gains. However, there was no genuine investment platform or software; instead, early investors were paid using funds from later ones.
Braga promoted TCC globally—in Thailand and Nigeria—and claimed it had over 126,000 members across 231 countries through social media and events. Investors entrusted over 82,000 bitcoins valued at $290 million at that time to TCC under false pretenses.
Between December 2016 and July 2019, Braga allegedly transferred at least $50 million worth of bitcoin into accounts he controlled while failing to report earnings accurately to the IRS. Despite receiving significant sums in bitcoin annually between 2017-2019 ($30.5 million in 2017 alone), he reported substantially lower incomes each year.
W. Mike Herrington of the FBI’s Seattle field office remarked on the scheme's familiarity despite its technological guise: “While the victims...waited...he siphoned off millions...This case demonstrates...determination...to hold fraudsters accountable.” Tyler Hatcher from IRS-CI highlighted Braga’s alleged circumvention of U.S.-regulating multi-level marketing laws designed for investor protection.
Braga faces charges including twelve counts of wire fraud reflecting transactions made by investors into their supposed accounts along with one count of conspiracy committing wire fraud—all punishable by up-to twenty years imprisonment if convicted beyond reasonable doubt.
Investigations were conducted jointly by IRS-CI alongside FBI efforts while Assistant United States Attorneys Mike Dion & Phillip Kopczynski lead prosecution supported significantly through international cooperation securing extradition via Department Justice’s Office International Affairs assistance rendered throughout proceedings thus far ongoing ahead pending judicial determinations anticipated forthcoming legal context developments accordingly further updates expected timely manner consistent reporting obligations adherence public interest considerations paramount significance duly acknowledged noted hereby conclusively finally respectfully submitted hereinabove articulated concluded end thereof statement completion finality regard reference documentation appended where applicable necessary appropriate fullest extent permissible authorized jurisdictional authority oversight procedural compliance standards met fulfilled satisfaction conclusively determinative authoritative basis 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