Braiscompany Founder Arrested in Argentina for Operating Alleged $400M Crypto Ponzi Scheme
In Brief
Braiscompany founder and his wife were arrested in Argentina for operating a ponzi crypto scheme that involved movement of $400M in Brazil.
Digital technology solutions company Braiscompany founder Antonio Inacio Da Silva Neto and his wife Farias Campos were arrested in Argentina on charges related to orchestrating a Ponzi scheme through Braiscompany. The scheme involved the movement of over $400 million in cryptocurrency in Brazil.
Antonio Inacio Da Silva Neto had an active Interpol warrant issued in 2023, accusing him of offences against the Brazilian financial system, money laundering, and crimes against the capital market. Last month, the couple received prison sentences, with Antonio Inacio Da Silva Neto being sentenced to 88 years and seven months and Farias Campos to 61 years and eleven months.
The arrests resulted from a comprehensive investigation that tracked the couple’s activities through multiple purchases and payments conducted under false identities in Argentina. Presently held by Argentine authorities, they await extradition orders to be transferred to Brazil for legal proceedings and incarceration.
Recently, another individual connected to the Braiscompany case was extradited from Argentina to Brazil. While his identity remains undisclosed, he was suspected of playing a role as the financial operator of the company, facilitating financial transactions between Braiscompany and other entities.
Argentina Embraces Crypto Amidst Complex Regulatory Landscape
Latin America holds the fifth position globally regarding cryptocurrency adoption, representing 10% of global cryptocurrency activity. Over the last two years, the region has experienced a ten-fold increase in the use of cryptocurrencies, with Argentina securing the tenth position among other countries, according to data from Chainalysis’ Global Crypto Adoption Index.
However, Argentina’s stance on cryptocurrency regulation has been complex. While the government shows interest in the potential advantages of blockchain technology, it also remains cautious of associated risks.
In 2019, Argentina implemented regulations mandating cryptocurrency exchanges to register with the Financial Information Unit (FIU), provide details about their customers and transactions, and adopt measures against money laundering and terrorism financing. Despite these efforts, Argentina’s cryptocurrency regulations remain criticised for insufficient clarity for businesses and investors.
The evolving legal actions, along with regulatory complexities and increased cryptocurrency adoption in Argentina, highlight the multifaceted landscape shaping the realm of digital assets in the region.
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Alisa is a reporter for the Metaverse Post. She focuses on investments, AI, metaverse, and everything related to Web3. Alisa has a degree in Business of Art and expertise in Art & Tech. She has developed her passion for journalism through writing for VCs, notable crypto projects, and scientific writing. You can contact her at alisa@mpost.io
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Alisa is a reporter for the Metaverse Post. She focuses on investments, AI, metaverse, and everything related to Web3. Alisa has a degree in Business of Art and expertise in Art & Tech. She has developed her passion for journalism through writing for VCs, notable crypto projects, and scientific writing. You can contact her at alisa@mpost.io
