$290 Million Crypto Ponzi Scheme in Brazil (Seized)

[Sanitough]

here's the full report.
https://news.bitcoin.com/operation-fantasos-brazil-cracks-down-on-remnants-of-290m-crypto-ponzi-scheme/

Operation Fantasos Targets the Remnants of a $290 Million Crypto Ponzi Scheme in Brazil
Brazil has targeted a cryptocurrency crime organization in a massive operation once again. Operation Fantasos, executed on April 30, addressed the ongoing activities of a crypto money laundering group already impacted by the extradition of Douver Torres Braga, the mastermind behind Trade Coin Club, a $290 million crypto Ponzi scheme.

Operation Fantasos involved the cooperation of more than 50 officers, who executed 11 search and seizure warrants in the cities of Petrópolis and Angra dos Reis, both in Rio de Janeiro.

Over $280 million was seized during these operations, which targeted suspects allegedly associated with Braga. Police confiscated a boat, luxury vehicles, watches, jewelry, cash, cryptocurrencies, computers, and cell phones at the order of the federal court.

According to a press release, Fantasos had a double purpose: first, to combat the remnants of the operation that used crypto assets for money laundering purposes, and to recover evidence to strengthen the case against Braga, who is currently facing trial in the U.S.

Fantasos had the support of several U.S. agencies, including the FBI (Federal Bureau of Investigation), HSI (Homeland Security Investigations), and the IRS-CI (Internal Revenue Service Criminal Investigation).

Braga recently pleaded not guilty to wire fraud and conspiracy and faces up to 20 years in prison if convicted.

Read more: FBI Cracks $290M Crypto Scam—Trade Coin Club Exposed

Operation Fantasos is the latest in a list of enforcement operations to combat high-level cryptocurrency schemes, which have become commonplace in Brazil.

In October, authorities launched Operation Alcacaria and Operation Privilege, which resulted in 62 search warrants, 13 arrest warrants, and the dismantling of several unidentified crypto exchanges that offered crypto money laundering services.

This is another successful law enforcement action aimed at stopping scam operations, particularly those involving money laundering.

Although they didn’t specify which crypto was confiscated, I’m pretty sure it’s a huge amount and it will likely be added to Brazil’s seized crypto holdings. But to be clear, Brazil isn’t known as one of the top holders of confiscated crypto, that title still goes to the U.S. and China.

Back to the main report though, I’m honestly surprised that even now, after so many Ponzi scams have happened, people still keep falling for them.

When will people finally start learning?

[crwth]

As long as people are greedy and want to earn money, I don't think there will be a period in time where it will stop because people get into these schemes because of greed and profit from it. There is definitely no end to it.

[nemesis_incarnate]

The answer would be - never. But there are actions that may prevent such events from happening too often.

There will always be gaps in regards of people who may believe in the schemes that would drain them up - but as time goes on, everybody becomes more aware of them. And then schemers become smarter or come up with something new. And the cycle continues.

[Sanitough]

As long as people are greedy and want to earn money, I don't think there will be a period in time where it will stop because people get into these schemes because of greed and profit from it. There is definitely no end to it.

I don’t think greed is the main reason, they fall for these scams mostly because of stupidity.

Greed is one thing, but if you're smart, you’d still know how to manage the risk. But plain stupidity? That leads straight to regret.

That’s why I asked, “When are they going to learn?”
I know some people in our country who’ve already been scammed by Ponzi schemes, yet they still join again and just treat it like they’re gambling.

[Joy- maker]

There is no way scam operations will stop, because we humans are too greedy  that's why we are always busy looking for things that will make us rich over night and end making ourselves vulnerable to scams.
As for the Ponzi scheme people will still fall victim, because they don't want to learn and they we never learn, it's sound funny to that CBEX has resume operations again and nobody is doing anything about it, after they scammed people last time that's to tell you how corrupt this world is.

[lovesmayfamilis]

As long as people are greedy and want to earn money, I don't think there will be a period in time where it will stop because people get into these schemes because of greed and profit from it. There is definitely no end to it.

I don’t think greed is the main reason, they fall for these scams mostly because of stupidity.

Greed is one thing, but if you're smart, you’d still know how to manage the risk. But plain stupidity? That leads straight to regret.

That’s why I asked, “When are they going to learn?”
I know some people in our country who’ve already been scammed by Ponzi schemes, yet they still join again and just treat it like they’re gambling.

If we look at the situation from a different angle, then such scams are created and will be created as lessons for those greedy and, as you say, stupid people regularly. I do not justify scammers, but if there is demand, there will always be supply. We have seen hundreds of such schemes on the forum; someone has learned useful advice and gained experience. But those who are too "self-confident," believing that nothing like this will happen to them, eventually fall under this scenario. As a result, being informed and learning from the mistakes of others is always better than going through your own negative experience.

[Joy- maker]

As long as people are greedy and want to earn money, I don't think there will be a period in time where it will stop because people get into these schemes because of greed and profit from it. There is definitely no end to it.

I don’t think greed is the main reason, they fall for these scams mostly because of stupidity.

Greed is one thing, but if you're smart, you’d still know how to manage the risk. But plain stupidity? That leads straight to regret.

That’s why I asked, “When are they going to learn?”
I know some people in our country who’ve already been scammed by Ponzi schemes, yet they still join again and just treat it like they’re gambling.

If we look at the situation from a different angle, then such scams are created and will be created as lessons for those greedy and, as you say, stupid people regularly. I do not justify scammers, but if there is demand, there will always be supply. We have seen hundreds of such schemes on the forum; someone has learned useful advice and gained experience. But those who are too "self-confident," believing that nothing like this will happen to them, eventually fall under this scenario. As a result, being informed and learning from the mistakes of others is always better than going through your own negative experience.

responding to what you wrote above here I think self confident is not the reason why people are still falling for scams, it's just that we humans are too ignorant, too greedy all in the name of to  get rich quick, some people too are claiming to be over smart that's why people have refuse to learn from other people's mistakes and they still end up making themselves vulnerable to scams.

[Swordsoffreedom]

As long as people are greedy and want to earn money, I don't think there will be a period in time where it will stop because people get into these schemes because of greed and profit from it. There is definitely no end to it.

I don’t think greed is the main reason, they fall for these scams mostly because of stupidity.

Greed is one thing, but if you're smart, you’d still know how to manage the risk. But plain stupidity? That leads straight to regret.

That’s why I asked, “When are they going to learn?”
I know some people in our country who’ve already been scammed by Ponzi schemes, yet they still join again and just treat it like they’re gambling.

Even if they are stupid and ignorant about it, but if they can control their greed, greed cannot drive them to participate blindly. They will never fall into these traps and no one can scam them.

Once you lose control of greed and let it dominate your mind, your intelligence becomes useless. That is why there are many people with high education, talent, and high status but have very tragic endings. Similar to the market, why do many experienced investors with extensive knowledge still sometimes fall into altcoin traps and lose money? Not because they are stupid, but because they cannot control their greed because everyone wants to make a lot of money and get rich quickly.

Greed exists in all of us, whether we are rich or highly educated, not just the poor and uneducated. And whether we can control our greed or not depends on each person.

[avikz]

When will people finally start learning?

No! Never! Nako!

That's not going to happen! People will always get greedy and rush towards risky investment ideas for an unrealistic amount of return. I don't see this behaviour changing anytime soon.

It's great the Brazil police was able to recover almost 280 million USD from this operations along with other things. But it won't change the human behaviour towards money or how they approach money.

[fikrett]

When will people finally start learning?

No! Never! Nako!

That's not going to happen! People will always get greedy and rush towards risky investment ideas for an unrealistic amount of return. I don't see this behaviour changing anytime soon.

It's great the Brazil police was able to recover almost 280 million USD from this operations along with other things. But it won't change the human behaviour towards money or how they approach money.

There is always some cheese in the traps set for everybody to see.

And to not to fall for it is to be vigilant all the time and keep your head cool, knowing fully well that there is no fast-earned fortunes out there, especially in today's world.

[ultrloa]

As long as people are greedy and want to earn money, I don't think there will be a period in time where it will stop because people get into these schemes because of greed and profit from it. There is definitely no end to it.

I don’t think greed is the main reason, they fall for these scams mostly because of stupidity.

Greed is one thing, but if you're smart, you’d still know how to manage the risk. But plain stupidity? That leads straight to regret.

That’s why I asked, “When are they going to learn?”
I know some people in our country who’ve already been scammed by Ponzi schemes, yet they still join again and just treat it like they’re gambling.

Just a factor but if you combine it with greed then this is perfect formula for people to get scam just like what happen on the subject.

For many times that this scams has been discussed don't know why there's still people take a risk to invest with these ponzi schemes. There are lots of educational and unfortunate stories release by media about this crypto scams, but people didn't learn. To bad for these people is they always want to learn from their bad experiences that's why they suffer badly when they get scam. If people will just became more smart enough to decline easily those scam offers for sure we won't see anything like this and there are few people will fall from these schemes.

[nemesis_incarnate]

Just a factor but if you combine it with greed then this is perfect formula for people to get scam just like what happen on the subject.

For many times that this scams has been discussed don't know why there's still people take a risk to invest with these ponzi schemes. There are lots of educational and unfortunate stories release by media about this crypto scams, but people didn't learn. To bad for these people is they always want to learn from their bad experiences that's why they suffer badly when they get scam. If people will just became more smart enough to decline easily those scam offers for sure we won't see anything like this and there are few people will fall from these schemes.

As bad as it may sound, the best teacher is when you do it yourself - good or a bad thing, you still learn the most when you do it like that.

Everybody has chances to go through such ponzis, but many still succumb to them.

[tbct_mt2]

Back to the main report though, I’m honestly surprised that even now, after so many Ponzi scams have happened, people still keep falling for them.

When will people finally start learning?

They mostly don't learn.
If they learned, they ignored what they learned and acted with their own instincts.

It is not surprising with me, as it shows off human insanity.

Few people can change, most of them can not, but I share this topic for people who can read, learn and change themselves.
Collection of comprehensive guides on identify and avoid scam projects.

[sokani]

I don’t think greed is the main reason, they fall for these scams mostly because of stupidity.

Greed is one thing, but if you're smart, you’d still know how to manage the risk. But plain stupidity? That leads straight to regret.

I think Crwth is right, greed is one of the main reasons people fall for ponzi schemes. As we know, ponzi comes in form of high yield investment opportunities. Because greed is some person's weakness, the allure of quick and easy money can cloud their judgement, making it difficult for them not to recognize the warning signs and stay away from such investment. They invest their hard earned money and suffer huge financial loses.

[DanWalker]

As long as people are greedy and want to earn money, I don't think there will be a period in time where it will stop because people get into these schemes because of greed and profit from it. There is definitely no end to it.

Agree with you, it's all about greed, nothing else and as long as people are greedy, scams will never stop and go away.

The problem is controlling greed, if they can't control their greed and don't get scammed by crypto ponzi schemes, they will get scammed by other things too. So they should blame themselves if they fall victim to these scams instead of blaming altcoins or the government for not protecting them. If they cannot control their greed and protect themselves, then do not expect or blame others to protect them.

[m2017]

As long as people are greedy and want to earn money, I don't think there will be a period in time where it will stop because people get into these schemes because of greed and profit from it. There is definitely no end to it.

Besides greed, the next reason can be called a low level of financial literacy. If these people knew (or rather, understood) the structure of Ponzi schemes and the short-term existence of such financial pyramids, they would probably avoid participating in this. But these people probably think that "money is taken out of thin air", for which they are punished and their "money turns into thin air".

There will definitely be no end to this, because some "victims" of such schemes leave (with losses) and new ones come to replace them (in anticipation of losses). Also, there will always be greedy people who end up on the other side of Ponzi schemes - the organizers.

[FortuneFollower]

As long as people are greedy and want to earn money, I don't think there will be a period in time where it will stop because people get into these schemes because of greed and profit from it. There is definitely no end to it.

Besides greed, the next reason can be called a low level of financial literacy. If these people knew (or rather, understood) the structure of Ponzi schemes and the short-term existence of such financial pyramids, they would probably avoid participating in this. But these people probably think that "money is taken out of thin air", for which they are punished and their "money turns into thin air".

There will definitely be no end to this, because some "victims" of such schemes leave (with losses) and new ones come to replace them (in anticipation of losses). Also, there will always be greedy people who end up on the other side of Ponzi schemes - the organizers.

It's a never-ending cycle which goes on and on, till the end of the space, probably, if not for longer

Not only in crypto, but overall in any space.

[Doan9269]

As long as people are greedy and want to earn money, I don't think there will be a period in time where it will stop because people get into these schemes because of greed and profit from it. There is definitely no end to it.

Apart from the greedy nature we talk about here, there is one other thing that surprises me whenever i think about why these people are doing all these, because you will find out that they have the intellect to think smart, act fast and have a sound knowledge of how the use digital technology, but instead of them using this abilities they have to improve more and develop what could be a solution to the world challenges, they rather pick the wrong path and go for scam attacking on innocent people, what a lose of priority in this are society, are t he government not doing enough in haunting for these talent or some people are just adamant to doing evil than good.

[aoluain]

Hopefully the proceeds of scamming were recovered and hopefully if they were scammers
they get what they deserve.

I would like to know what the breakdown was between Bitcoin and Crypto $hitcoins
in the confiscated haul?

Will be interesting to see what Brazil do with the confiscations too, do they liquidate
them or HODL them? if it was up to me I would dump any $hitcoins and HODL the Bitcoin

[$crypto$]

As long as people are greedy and want to earn money, I don't think there will be a period in time where it will stop because people get into these schemes because of greed and profit from it. There is definitely no end to it.

Greedy people will always be there --- because they want to get instant profits, they get caught up in this scheme which results in fraud later.
They are usually attracted by offers of unreasonable returns, or see owners who are embellished so that they believe this is a legitimate investment.

Greedy people will be like fools because they remain greedy.
People who are willing to learn from experience will be successful in the future because they now understand how to actually invest.