$290 Million Crypto Ponzi Scheme in Brazil (Seized)

[Z-tight]

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 like people who lose funds in a collapsed centralized exchange and still leave some of their funds in another centralized exchange, because that one hasn't collapsed yet, it is crazy to think, but a lot of people do this.

There would always be people who would still make the wrong decision despite numerous warnings they have heard. Not your keys, not your coins, they still store funds in centralized exchanges, anything that is too good to be true is probably a scam, they still join ponzi schemes, etc.

[OgNasty]

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?

I don't really see how this was a ponzi scheme.  It seemed more like a money laundering ring where they were only able to recover a portion of the assets used to launder the funds and then assumed it must be a ponzi scheme.  That, or whoever was running the money laundering operation was skimming off the top and using client funds to settle previous debts...

As someone involved with legitimate operations that are constantly being accused of being ponzi schemes, I can tell you that most people are idiots that don't know what a ponzi scheme is, and just label everything they don't understand as ponzi schemes.  That appears to be the case here from what I'm reading.

[Sanitough]

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 like people who lose funds in a collapsed centralized exchange and still leave some of their funds in another centralized exchange, because that one hasn't collapsed yet, it is crazy to think, but a lot of people do this.

There would always be people who would still make the wrong decision despite numerous warnings they have heard. Not your keys, not your coins, they still store funds in centralized exchanges, anything that is too good to be true is probably a scam, they still join ponzi schemes, etc.

That’s valid too - but at least with exchanges, they’re not outright scams.

Unlike Ponzi schemes, where the ending is already obvious, and yet people still choose to invest knowing it’s doomed.

It’s different when we compare that to centralized exchanges. Yes, we leave our funds there, but the chances of the exchange getting hacked are much lower compared to the guaranteed 100% failure rate of a Ponzi scheme.

[puloweh555]

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.

The greed factor that makes people very easy to become victims, in addition to the lack of information and laziness to read. Most victims of Ponzi schemes usually follow from friend to friend without doing any research first. This scheme will continue to exist, and there will continue to be victims, this has become part of crypto.

So indeed to avoid becoming a victim, we should not be easily influenced by the lure of unreasonable profits from unclear investments, especially with profits beyond reason, it is definitely a scam. Check and recheck and use the principle of caution in investing. Keep in mind that getting rich is not easy, if it were easy, everyone in the world would be rich immediately and no one would want to work anymore.

And one more thing, the goal of investing is not to make investors rich quickly. Investment must be accompanied by patience and strong commitment and remain calm when the market fluctuates and be ready to face risks.

[Sanitough]

And one more thing, the goal of investing is not to make investors rich quickly. Investment must be accompanied by patience and strong commitment and remain calm when the market fluctuates and be ready to face risks.

I wish every investor understood that, but here's the truth, man. Most of the people who fall for these Ponzi scams are the ones desperate to change their lives. They don’t mind the risk because all they see is the return, which usually sounds too good to be true. That’s why if law enforcement doesn’t step up to stop these scammers, a lot more people will keep getting fooled. That’s $290 million, we’re talking about countless lives ruined from that money.

[notocactus]

The greed factor that makes people very easy to become victims, in addition to the lack of information and laziness to read. Most victims of Ponzi schemes usually follow from friend to friend without doing any research first. This scheme will continue to exist, and there will continue to be victims, this has become part of crypto.

Greed is very basic human instinct and people continue to be greedy. Who don't want to be rich?
Very little people don't want to be rich and very limited people who can self limit their own need in financial wealth, so it together with "too good to be true offers" will bring them closer to scam hooks.

So indeed to avoid becoming a victim, we should not be easily influenced by the lure of unreasonable profits from unclear investments, especially with profits beyond reason, it is definitely a scam.

If they can control their emotion, basically they don't need to have very deep knowledge for avoid scam very easily. Like do you need to have knowledge about IT, health, agriculture, food, beverages for avoid scams especially Ponzi scams related to those things.

You don't need such knowledge, if you are careful and are not greed, you can avoid scam very naturally.

[tread93]

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?

It's great to see anotjet crypto scam busted! Kudos to Brazil law enforcement for stepping up to the plate and getting it done and taking care of business. The US may be the best at seizing crypto assets but this was a show of well executed plans.

[Sanitough]

You don't need such knowledge, if you are careful and are not greed, you can avoid scam very naturally.

And you shouldn’t limit your learning either, because scams these days are getting more and more convincing.

Scammers are also evolving to match the trends and demands in the investment world. So if you stop learning, your knowledge might become outdated and that’s exactly what makes people more vulnerable to scams like these.

[fuguebtc]

You don't need such knowledge, if you are careful and are not greed, you can avoid scam very naturally.

And you shouldn’t limit your learning either, because scams these days are getting more and more convincing.

Scammers are also evolving to match the trends and demands in the investment world. So if you stop learning, your knowledge might become outdated and that’s exactly what makes people more vulnerable to scams like these.

Of course, we should not limit our learning because knowledge is the key, it is power. But to avoid falling into traps and scams, we just need to control our greed well, then no one can deceive us. When it comes to scams, it is mostly due to greed rather than outdated knowledge.

A knowledgeable person who is always updated with the latest news can still fall victim to a scammer if they do not control their greed. But ignorant people will not easily become victims if they are always vigilant and not greedily tempted by the beautiful things that scammers draw.

[henry_of_skalitz]

You don't need such knowledge, if you are careful and are not greed, you can avoid scam very naturally.

And you shouldn’t limit your learning either, because scams these days are getting more and more convincing.

Scammers are also evolving to match the trends and demands in the investment world. So if you stop learning, your knowledge might become outdated and that’s exactly what makes people more vulnerable to scams like these.

There is always space to learn, and that applies to knowing more about ways to minimize the risks and avoid scams alike.

 

[Rustam Meraj]

The greed factor that makes people very easy to become victims, in addition to the lack of information and laziness to read. Most victims of Ponzi schemes usually follow from friend to friend without doing any research first. This scheme will continue to exist, and there will continue to be victims, this has become part of crypto.

So indeed to avoid becoming a victim, we should not be easily influenced by the lure of unreasonable profits from unclear investments, especially with profits beyond reason, it is definitely a scam. Check and recheck and use the principle of caution in investing. Keep in mind that getting rich is not easy, if it were easy, everyone in the world would be rich immediately and no one would want to work anymore.

And one more thing, the goal of investing is not to make investors rich quickly. Investment must be accompanied by patience and strong commitment and remain calm when the market fluctuates and be ready to face risks.

You are right these scams come out because people trust their friends and do not do their own research. Sadly these scams will keep happening and more people will get caught because we can not stop them only learning can help. If someone who is scammer always promised profits that look huge or good this is alarm that we should be careful. It is also important to remember that getting rich quickly is usually not possible. We should keep in mind that if that were easy everyone would be rich and no one would need to work he invest little amount and earn money by doing nothing.
You are also right investing takes time and patience and sticking with it. We also need to stay calm when market goes up and down and be ready for some risks. Knowledge about these things is best way to protect yourself from these kinds of scams.

[FortuneFollower]

You are right these scams come out because people trust their friends and do not do their own research. Sadly these scams will keep happening and more people will get caught because we can not stop them only learning can help. If someone who is scammer always promised profits that look huge or good this is alarm that we should be careful. It is also important to remember that getting rich quickly is usually not possible. We should keep in mind that if that were easy everyone would be rich and no one would need to work he invest little amount and earn money by doing nothing.
You are also right investing takes time and patience and sticking with it. We also need to stay calm when market goes up and down and be ready for some risks. Knowledge about these things is best way to protect yourself from these kinds of scams.

Every time there is a Bull knocking, people try to get other people to believe too much into something - too bad people still fall of for it. It's inevitable to see everybody being cautious in such times..

[freedomgo]

Every time there is a Bull knocking, people try to get other people to believe too much into something - too bad people still fall of for it. It's inevitable to see everybody being cautious in such times..

If we’re talking about a bull market, there’s nothing wrong with that. But when that bull market is used to push Ponzi scams, that’s where it becomes a problem. These scammers take advantage of hype during bull runs to promote their scams because they know people are excited to invest. And sadly, it’s usually the newbies who FOMO in and end up on the wrong side.

[Sanitough]

Every time there is a Bull knocking, people try to get other people to believe too much into something - too bad people still fall of for it. It's inevitable to see everybody being cautious in such times..

If we’re talking about a bull market, there’s nothing wrong with that. But when that bull market is used to push Ponzi scams, that’s where it becomes a problem. These scammers take advantage of hype during bull runs to promote their scams because they know people are excited to invest. And sadly, it’s usually the newbies who FOMO in and end up on the wrong side.

I guess the current situation might attract scammers again as we’re back to $100K, baby!

That kind of hype always brings the shady ones out. So we need to be extra careful, because this won’t be the last time we hear about scams. There are still Ponzi schemes out there and probably more being planned as we speak.

We have to clearly understand the difference between a legit investment like Bitcoin, and those sketchy offers that promise “too good to be true” rewards using Bitcoin as bait.

[dumbymamby]

Every time there is a Bull knocking, people try to get other people to believe too much into something - too bad people still fall of for it. It's inevitable to see everybody being cautious in such times..

If we’re talking about a bull market, there’s nothing wrong with that. But when that bull market is used to push Ponzi scams, that’s where it becomes a problem. These scammers take advantage of hype during bull runs to promote their scams because they know people are excited to invest. And sadly, it’s usually the newbies who FOMO in and end up on the wrong side.

I guess the current situation might attract scammers again as we’re back to $100K, baby!

That kind of hype always brings the shady ones out. So we need to be extra careful, because this won’t be the last time we hear about scams. There are still Ponzi schemes out there and probably more being planned as we speak.

We have to clearly understand the difference between a legit investment like Bitcoin, and those sketchy offers that promise “too good to be true” rewards using Bitcoin as bait.

Those who have an experienced before will not scammed again IF they can calm down for a while and check the truth. But if they are greedy and want to make a quick profit, they will fall again in the scam.

Yes, I agree that we must be extra carful because the Ponzi schemes may look different than before. The scam method may also different so we should be careful deciding anything.

If we see an offers to invest in Bitcoin but using a program, we don't have to try because investing in Bitcoin means we keep our Bitcoin in our own wallet and not in other people wallets. So that should make you suspicious and not getting close to that.

[Sanitough]

Those who have an experienced before will not scammed again IF they can calm down for a while and check the truth. But if they are greedy and want to make a quick profit, they will fall again in the scam.

I just hope they learn from their mistakes, so they won’t get scammed again. People need to accept that there’s no such thing as quick money in crypto.

Honestly, they’re better off investing in meme coins, at least those are popular and can bring big profits.
Still risky, yes, but at least it’s not a straight-up scam.

[dumbymamby]

Those who have an experienced before will not scammed again IF they can calm down for a while and check the truth. But if they are greedy and want to make a quick profit, they will fall again in the scam.

I just hope they learn from their mistakes, so they won’t get scammed again. People need to accept that there’s no such thing as quick money in crypto.

Honestly, they’re better off investing in meme coins, at least those are popular and can bring big profits.
Still risky, yes, but at least it’s not a straight-up scam.

It seems they will not learn from their mistakes but we can just hope.

In any investment programs, there is no quick money so they need to wait for some time to see if their investment give their profit or not. But investing in Bitcoin will surely give them profit.

I also say that to my friends. But they still do that over and over because every time a new token release, they will busy to check and search for more info. In the end, they risk their money without knowing if they can profit or not. I already explain that if they want to make a profit, just use Bitcoin and they are good.

[Vod]

It seems they will not learn from their mistakes but we can just hope.

In most of these cases, they have already learned from their mistakes because they commited so much fraud in the past but never got caught.    They have learned that it is easier to ask forgiveness than permission.   Some will justify their crimes, calling it "fiduciary duty" but they all eventually get caught.   They are greedy and they always want more - and they brag about their booty online.   

Don't expect career thieves to learn from their mistakes the same way an honest person would, or even admit it was a mistake.