The Securities and Exchange Commission of U.S. charged the founder and three US promoters of Trade Coin Club, alleging that the crypto-trading membership club operated as a Ponzi scheme, raising 82,000 bitcoins worth $295 million from investors worldwide in 2018. The charges, filed on Thursday In federal court in Seattle, allege that Trade Coin Club, created and controlled by Douver Torres Braga, was a multilevel marketing programme that promised profits from a crypto-asset trading bot between 2016 and 2018. According to the securities regulator, Mr. Braga and his promoters enticed over 100,000 investors with false promises of daily minimum returns of 0.35% from the trading bot.
