Bitcoin Ponzi Scheme: Brazilian Men Sentenced

Brazilian Trio Sentenced for $190 Million Bitcoin Ponzi Scheme

• Three men in Brazil received a combined 170-year prison sentence for a crypto Ponzi scheme.
• Braiscompany defrauded investors out of approximately $190 million.
• Joel Ferreira de Souza, identified as the mastermind, was sentenced to 128 years in prison.
• The scheme affected about 20,000 investors, many investing personal savings.
• The defendants were ordered to repay R$36.5 million ($6.2 million) to investors.

A Brazilian court sentenced three men to a total of 170 years in prison for their roles in Braiscompany’s $190 million Bitcoin investment scam. Joel Ferreira de Souza received the longest sentence of 128 years, with the trio ordered to repay R$36.5 million ($6.2 million) to defrauded investors.