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Leaders of $190M Brazilian Crypto Ponzi Scheme Sentenced to Over 170 Years in Prison

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A Brazilian court has sentenced three executives behind the collapsed crypto scheme Braiscompany to a combined 171 years in prison, concluding one of the country’s largest crypto fraud cases to date.

Federal Judge Vinicius Costa Vidor found Joel Ferreira de Souza, the scheme’s alleged mastermind, guilty of operating an unlicensed financial institution and laundering millions through shell companies and unregulated crypto wallets, according to local media.

De Souza received the steepest sentence: 128 years behind bars. Two others—Gesana Rayane Silva and Victor Veronez—received 27 and 15 years, respectively, for their roles in managing cash and acting as intermediaries in the scheme.

The ruling comes after Brazil’s Federal Prosecutor’s Office (MPF) accused five individuals of orchestrating a pyramid structure that raised R$1.11 billion ($190 million) from roughly 20,000 investors.

Braiscompany promised outsized returns through crypto trading but allegedly ran a parallel financial system using informal transfers and high-commission operations.

The court also ordered the seizure of R$36 million, though it’s unclear how much victims will recover. According to Artêmio Picanço, a lawyer representing several victims, those affected must file civil claims soon before the funds are absorbed by the state.

Two defendants were acquitted for lack of evidence. The rest, the judge ruled, “acted to disguise the illicit origin” of the money, running operations that mimicked legitimate investment practices but served to enrich insiders.

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Bitcoin Nears Golden Cross Weeks After ‘Trapping Bears’ as U.S. Debt Concerns Mount

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Bitcoin’s BTC price chart is echoing a bullish pattern that foreshadowed the late 2024 price surge from $70,000 to $100,000 amid mounting concerns over the sustainability of the U.S. debt.

The leading cryptocurrency by market value appears on track to confirm a «golden cross» in the coming days, according to charting platform TradingView. The pattern occurs when the 50-day simple moving average (SMA) of prices crosses above the 200-day SMA to suggest that the short-term trend is outperforming the broader trend, with the potential to evolve into a major bull run.

The moving average-based golden cross has a mixed record of predicting price trends. The impending one, however, is worth noting because it’s about to occur weeks after its ominous-sounding opposite, the death cross, trapped bears on the wrong side of the market.

A similar pattern unfolded from August through September 2024, setting the stage for a convincing move above $70,000 in early November. Prices eventually set a record high above $109K in January this year.

BTC's price chart: 2024 vs 2025. (TradingView/CoinDesk)

The chart on the left shows that BTC bottomed out at around $50,000 in early August last year as the 50-day SMA moved below the 200-day SMA to confirm the death cross.

In other words, the death cross was a bear trap, much like the one in early April this year. Prices turned higher in subsequent weeks, eventually beginning a new uptrend after the appearance of the golden cross in late October 2024.

The bullish sequence is being repeated since early April, and prices could begin the next leg higher following the confirmation of the golden cross in the coming days.

Past performance does not guarantee future results, and technical patterns do not always deliver as expected. That said, macro factors seem aligned with the bullish technical setup.

Moody’s amplifies U.S. debt concerns

On Friday, credit rating agency Moody’s downgraded the U.S. sovereign credit rating from the highest ”Aaa” to ”Aa1”, citing concerns over the increasing national debt, which has now reached $36 trillion.

The bond market has been pricing fiscal concerns for some time. Last week, CoinDesk detailed how persistent elevated Treasury yields reflected expectations for continued fiscal splurge and sovereign risk premium, both bullish for bitcoin.

Read: BTC Boom Likely as Bond Yields Surge

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XRP Price Surges After V-Shaped Recovery, Targets $3.40

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Global economic tensions and regulatory developments continue to influence XRP’s price action, with the digital asset showing remarkable resilience despite recent volatility.

After experiencing a significant dip to $2.307 on high volume, XRP has established an upward trajectory with a series of higher lows, suggesting continued momentum as it approaches resistance levels.

Technical indicators point to a potential bullish breakout, with multiple analysts highlighting critical support at $2.35-$2.40 that must hold for upward continuation.

Technical Analysis Highlights

  • Price experienced a 3.76% range ($2.307-$2.396) over 24 hours with a sharp sell-off at 16:00 dropping to $2.307 on high volume (77.9M).
  • Strong support emerged at $2.32 level with buyers stepping in during high-volume periods, particularly during the 13:00-14:00 recovery.
  • Asset established upward trajectory, forming higher lows from the bottom, with resistance around $2.39 tested during 07:00 session.
  • In the last hour, XRP climbed from $2.358 to $2.368, representing a 0.42% gain with notable volume spikes at 01:52 and 01:55.
  • Price surged past resistance at $2.36 to reach $2.366, later establishing new local highs at $2.369 during 02:03 session on substantial volume (539,987).
  • Currently maintaining strength above $2.368 support level with decreasing volatility suggesting potential continuation of upward trajectory.

Disclaimer: This article was generated with AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk’s full AI Policy. This article may include information from external sources, which are listed below when applicable.

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SUI Surges After Finding Strong Support at $3.75 Level

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Global economic tensions and shifting trade policies continue to influence cryptocurrency markets, with SUI showing particular resilience.

The asset established a trading range of 4.46% between $3.70 and $3.86, finding strong volume support at the $3.755 level.

A notable bullish momentum emerged with price surging 1.9% on above-average volume, establishing resistance at $3.850.

The formation of higher lows throughout the latter part of the day suggests consolidation above the $3.775 support level.

Technical Analysis Highlights

  • SUI established a 24-hour trading range of 0.165 (4.46%) between the low of 3.700 and high of 3.862.
  • Strong volume support emerged at the 3.755 level during hours 17-18, with accumulation exceeding the 24-hour volume average by 45%.
  • Notable bullish momentum occurred in the 20:00 hour with price surging 7.2 cents (1.9%) on above-average volume.
  • Resistance established at 3.850 with higher lows forming throughout the latter part of the day.
  • Decreasing volatility in the final hours suggests consolidation above the 3.775 support level.
  • Significant buyer interest appeared between 01:27-01:30, forming a strong support zone at 3.756-3.760 with exceptionally high volume (over 300,000 units per minute).
  • Decisive bullish reversal began at 01:42, establishing a series of higher lows and higher highs.
  • Breakout above 3.780 occurred at 01:55, followed by consolidation near 3.785 with decreasing volume.

Disclaimer: This article was generated with AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk’s full AI Policy. This article may include information from external sources, which are listed below when applicable.

External References

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