Brazilian police dismantle three cryptocurrency money laundering organizations, involving more than $9.7 billion

2024-09-13 08:41:58

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ChainCatcher news, the Brazilian Federal Police recently launched "Operation Nifheim," successfully dismantling three criminal organizations that used cryptocurrency for money laundering. The operation took place in Caxias do Sul, São Paulo, Fortaleza, and Brasília, resulting in the issuance of 8 arrest warrants and 19 search and seizure warrants.

Since 2021, the involved gangs have laundered over $9.7 billion through cryptocurrency, with funds primarily sourced from drug trafficking and smuggling. The Brazilian Federal Court has frozen $1.58 billion in assets and seized multiple vehicles and real estate. Police revealed that these gangs used shell companies to conceal the source of funds, which were subsequently transferred to locations such as the United States, the UAE, Hong Kong, and China.

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