The SEC has secured a $46.2 million default judgment against Mining Capital Coin’s co-founders.

Mining Capital Coin was an MLM crypto Ponzi launched in 2018.

The SEC sued Mining Capital Coin and co-founders Luiz Carlos Capuci and Emerson Sousa Pires in 2022, initially alleging $8 million in securities fraud. This grew to $28.47 million as the case progressed.

On December 10th, 2024, the SEC filed for default judgment against Capuci (right) and Pires.

In addition to a permanent injunction prohibiting further acts of fraud, the SEC sought

  • $28.49 million in joint liability disgorgement;
  • $7.78 million in joint liability prejudgment interest;
  • a $6 million civil penalty for Capuci;
  • a $4 million civil penalty for Pires; and
  • a director bar for both Capuci and Pires

On February 25th, 2025, a Magistrate Judge filed a report recommending the SEC’s motion for default judgment be granted.

The court adopted the Magistrate Judge’s Report and Recommendation on August 26th. This equates to an order of default judgment.

Following testimony provided to the SEC in early 2022, both Capuci and Pires (right) fled the US for Brazil.

In addition to the SEC’s civil fraud lawsuit, Capuci was indicted on Mining Capital Coin criminal charges in April 2022. By that stage Capuci had already fled.

In September 2023, local outlets reported news of Mining Capital Coin arrests in Brazil.

“Operation Yang” saw Pires arrested and Brazilian authorities seize R$300 million (~$55 million USD), as well as fifty-two properties.

There have been no public Operation Yang updates since 2023.

In addition to Mining Capital Coin, Pires was also civilly and criminally charged as co-founder of the EmpiresX MLM crypto Ponzi.

Around the time of Operation Yang, Luiz Capuci and wife Stephanie both marked their previously active Instagram profiles as private.

Capuci, who goes by “Junior Capuci” on social media, is still active on Instagram-adjacent Threads.

Capuci’s last Threads post is dated April 1st and appears to be a congratulatory tribute to wife Stephanie:

After posting her “self confidence is 0 right now” in July 2023, Stephanie Capuci has mostly abandoned public social media.