Brazilian Federal Police Launch Nationwide Operation Against Crypto-Related Money Laundering

black white vehicles yellow caution tape near car parking lot daytime crime scene 2 scaled

The Brazilian Federal Police launched Operation Compliance, a probe against cryptocurrency-related money laundering crimes last week. The probe resulted in the execution of several seizure warrants across the country, involving 150 federal policemen active in five different cities. Operation Compliance came about by way of an investigation that identified cryptocurrency-related money laundering crimes on the internet starting in 2018.

Brazilian Police Fight Crypto Money Laundering

The Brazilian Federal Police were deployed last week to scrutinize several locations that were allegedly linked to cryptocurrency-related money laundering operations. This following an investigation that started back in 2018. Operation Compliance required the involvement of 150 federal policemen, who carried out 34 search and seizure warrants in several cities of the country, including Goiânia, Campo Grande, São Paulo, Laranjal Paulista, Recife, and Vitória.

But the Brazilian police did not only limit themselves to the execution of these warrants. The operation also encompassed the issuance of more than 30 orders to block bank accounts and cryptocurrency portfolios by a Federal Court in Goiás. The total amount of funds that were blocked has not been shared by police sources.

The preliminary investigation, which started in 2018, identified the activities of a hacker that used different bank accounts to divert funds for cryptocurrency businesses, that were funneled through the bank accounts of the investigated companies.

Cryptocurrency Crime Pursued

The Brazilian authorities have been very busy when it comes to identifying and pursuing possible cryptocurrency-related crimes. Just in the last month, the Brazilian police seized more than $33 million in a similar probe that investigated the alleged relationship between a group of unnamed exchanges and shell companies.

Also, earlier this month, the first sale of seized bitcoin was ordered by a Brazilian federal court. The bitcoins, taken from the alleged Ponzi scheme organization Tradergroup, were sold on one of the exchanges with more liquidity in the country with the intention of reimbursing investors part of the money invested. However, the $1.1 million worth of bitcoin sold was not enough to give all users of the platform the full amount of their investment.

What do you think of the swift Brazilian action on cryptocurrency-related money laundering? Tell us in the comment section below.

Ronnie Huss

Ronnie Huss

Leave a Reply

Your email address will not be published. Required fields are marked *

Share:

Share on telegram
Share on facebook
Share on twitter
Share on linkedin
Share on whatsapp

Related Posts

bitcoin
Bitcoin (BTC) $ 67,338.04
ethereum
Ethereum (ETH) $ 3,749.14
tether
Tether (USDT) $ 0.999280
bnb
BNB (BNB) $ 594.43
solana
Solana (SOL) $ 168.90
staked-ether
Lido Staked Ether (STETH) $ 3,747.19
usd-coin
USDC (USDC) $ 1.00
xrp
XRP (XRP) $ 0.522822
dogecoin
Dogecoin (DOGE) $ 0.164753
shiba-inu
Shiba Inu (SHIB) $ 0.000027
cardano
Cardano (ADA) $ 0.451607
the-open-network
Toncoin (TON) $ 6.46
avalanche-2
Avalanche (AVAX) $ 36.39
chainlink
Chainlink (LINK) $ 18.53
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 67,322.04
polkadot
Polkadot (DOT) $ 7.17
tron
TRON (TRX) $ 0.112051
bitcoin-cash
Bitcoin Cash (BCH) $ 465.87
near
NEAR Protocol (NEAR) $ 7.63
uniswap
Uniswap (UNI) $ 10.49
matic-network
Polygon (MATIC) $ 0.718278
litecoin
Litecoin (LTC) $ 83.54
pepe
Pepe (PEPE) $ 0.000015
internet-computer
Internet Computer (ICP) $ 12.13
fetch-ai
Fetch.ai (FET) $ 2.19
leo-token
LEO Token (LEO) $ 5.95
dai
Dai (DAI) $ 0.999387
wrapped-eeth
Wrapped eETH (WEETH) $ 3,893.71
ethereum-classic
Ethereum Classic (ETC) $ 30.41
render-token
Render (RNDR) $ 10.26
aptos
Aptos (APT) $ 9.11
dogwifcoin
dogwifhat (WIF) $ 3.79
renzo-restaked-eth
Renzo Restaked ETH (EZETH) $ 3,708.61
hedera-hashgraph
Hedera (HBAR) $ 0.103244
cosmos
Cosmos Hub (ATOM) $ 8.68
arbitrum
Arbitrum (ARB) $ 1.15
immutable-x
Immutable (IMX) $ 2.22
kaspa
Kaspa (KAS) $ 0.137305
mantle
Mantle (MNT) $ 0.993438
filecoin
Filecoin (FIL) $ 5.80
crypto-com-chain
Cronos (CRO) $ 0.116719
stellar
Stellar (XLM) $ 0.106894
the-graph
The Graph (GRT) $ 0.311081
first-digital-usd
First Digital USD (FDUSD) $ 0.998117
ethena-usde
Ethena USDe (USDE) $ 1.00
blockstack
Stacks (STX) $ 1.94
okb
OKB (OKB) $ 45.81
optimism
Optimism (OP) $ 2.52
bittensor
Bittensor (TAO) $ 396.91
floki
FLOKI (FLOKI) $ 0.000269