Brazil's $1.9 Billion Cryptocurrency Scam Mastermind Sentenced to 128 Years

BlockBeats News, April 18th. According to a CoinDesk report, the Brazilian Federal Court recently issued a final judgment on the Braiscompany cryptocurrency exchange fraud case. Three main individuals were sentenced to a total of 171 years in prison, setting a record for the sentencing of a cryptocurrency fraud case in Brazil. Presiding Judge Vinicius Costa Vidor determined that the ringleader Joel Ferreira de Souza laundered millions of dollars through a shell company and unregulated cryptocurrency wallets, constituting the crime of "operating a financial institution without authorization." Investigations revealed that the group used a 20% monthly return as bait, employed a multi-level commission structure to recruit investors, and ultimately led to approximately 20,000 investors losing a total of around 1 billion Brazilian reals (approximately $190 million).

The main perpetrator, Joel Ferreira de Souza, was sentenced to 128 years for financial crimes and money laundering. The platform's marketing director, Gesana Rayane Silva, received a 27-year sentence for false advertising and aiding money laundering, while the technical director, Victor Veronez, was sentenced to 15 years for forging transaction records.