Brazil's Last Bitcoin Pyramid? The Rise and Fall of Braiscompany

Portal do Bitcoin reporter Fernando Martines joins the podcast to discuss the emergence and collapse of Braiscompany - a R$1.5 billion (US$289 million) cryptocurrency pyramid scheme that operated out of the northeastern state of Paraíba. In what some have dubbed as Brazil's last major bitcoin Ponzi scheme, the operation involved everyone from local politicians and business leaders to an estimated 10,000 retail investors from around the country.  Braiscompany provided handsome monthly payouts to investors while enriching its extravagant and charismatic founders Antonio Neto Ais and Fabrícia Campos. The music stopped in late 2022 when it ceased making payments amid the crypto market collapse, prompting a backlash from angry customers and inquiries from authorities.  The company's headquarters were raided on February 16 by Federal Police. However, Neto Ais and Campos were nowhere to be seen when authorities arrived and remain at-large, with some suspecting that they fled to Argentina. Authorities in Paraíba have appealed to Interpol for assistance in tracking them down.  Meanwhile, the company remains leaderless and directionless. Employees have been advised to retain their own person legal counsel. Unfortunately, the prospects of Braiscompany investors recouping their money looks bleak. Please follow and subscribe to Brazil Crypto Report on Substack for more news, analysis and interviews examining the Brazil crypto ecosystem. Follow Brazil Crypto Report on Linkedin and Twitter