What happened
Trade Coin Club founders were running a Ponzi Scheme by conning investors for a fraudulent crypto trading bot. Roughly 295,000,000 $USD worth of $BTC was scammed.
Trade Coin Club is an investment company, which promises "minimum returns of 0,35% daily" by "performing millions of microtransactions per second". The company ran a Ponzi Scheme and actually had no trading bot. The funds from 100,000 worldwide investor's deposits were withdrawn directly by the four people to enrich themselves.
Case & protocol details
Post-Incident Timeline
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2022-11-04
SEC charged Douver Torres Braga, Joff Paradise, Keleionalani Akana Taylor, and Jonathan Tetreault for raising over 80,000 $BTC from investors between 2016 and 2018.
Evidence & learning
Sources and on-chain records
- report Report sec.gov
- report Report coindesk.com
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