Brazilian Federal Police conducted Operation Phantasos, with over 50 officers running searches and seizure warrants of 11 people in various locations in Rio de Janeiro. The ringleaders behind these activities were handed over from Switzerland to the US in February.
Operation Fantassos targets the remains of Brazil’s $290 million crypto-ponge scheme
Brazil has once again targeted cryptocurrency crime groups in a massive operation. Executed on April 30th, Operation Phantasos worked on the ongoing activities of the cryptocurrency money laundering group, which was already affected by the handover of Double Stoles Braga, the $290 million cryptocurrency ponge scheme, the mastermind of the Trade Coin Club.
Operation Phantasus included the cooperation of over 50 officers and executed 11 searches and seizure warrants in the cities of Petropolis and Angra dos Reis.
Over $280 million was seized during these operations, targeting suspects allegedly linked to Braga. Police confiscated boats, luxury cars, watches, jewelry, cash, cryptocurrency, computers and mobile phones in federal court.
According to a press release, Fantasos had a double purpose. First, to fight the remnants of operations using crypto assets for money laundering purposes and restore evidence to strengthen the lawsuit against Braga, currently facing trial in the US.
Fantasos has been supported by several US agencies, including the FBI (Federal Bureau of Investigation), HSI (Homeland Security Investigation), and IRS-CI (Internal Revenue Service Criminal Investigation).
Braga recently admitted not to commit fraud and conspiracy, and if convicted, he faced up to 20 years in prison.
Read more: FBI Crack $290m Crypto Scam – Exposed Coin Club Trade
Operation Fantassos is the latest in a list of executive operations to combat the high-level cryptocurrency schemes that have become commonplace in Brazil.
In October, authorities began operating privileges with Alcacaria, resulting in the dismantling of several unidentified crypto exchanges offering 62 search warrants, 13 arrest warrants and crypto money laundering services.
Read more: Brazilian authorities launch operations targeting entities that promote crypto money laundering
Previously, in September, Brazil cracked down on a crypto-laundry laundry organization that had been dealt with over $9.7 billion since 2021.
Read more: Operation Niflheim: Brazilian authorities crack down on $9.7 billion crypto-laundry ring
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