{"id":94099,"date":"2024-09-21T07:47:21","date_gmt":"2024-09-21T11:47:21","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=94099"},"modified":"2024-09-21T07:48:52","modified_gmt":"2024-09-21T11:48:52","slug":"brazil-police-bust-9-7b-crypto-laundering-scheme","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/brazil-police-bust-9-7b-crypto-laundering-scheme\/","title":{"rendered":"Brazil Police Bust $9.7b Crypto Laundering Scheme"},"content":{"rendered":"\n

In a massive financial crime investigation<\/a>, Brazilian authorities found a $9.7 billion cryptocurrency laundering network and arrested several people.<\/p>\n\n\n\n

\"Brazil
Brazil Police Bust $9.7b Crypto Laundering Scheme<\/figcaption><\/figure>\n\n\n\n

Authorities in Brazil have taken decisive action against a cryptocurrency-based, multi-billion dollar money laundering network\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a> operating in several cities, including S\u00e3o Paulo, Fortaleza, and Bras\u00edlia. <\/p>\n\n\n\n

Blockchain forensic company TRM Labs revealed in a blog post on September 20 that the Federal Revenue and Federal Police executed 23 search and eight arrest warrants as part of the alleged “Operation Niflheim,” which targeted a network suspected of using cryptocurrency to launder funds from illegal activities like drug trafficking and smuggling. <\/p>\n\n\n\n

The focus of the inquiry is two Caxias do Sul-based businesses that are suspected of moving R$ 15 billion ($2.8 billion) and R$ 19 billion (about $3.6 billion) between August 2019 and May.\u00a0<\/p>\n\n\n\n

\"Brazilian
Brazilian crypto laundering scheme | Source: TRM Labs\u00a0<\/figcaption><\/figure>\n\n\n\n

The scheme had four layers: tax evaders, shell corporations, and companies that handled cryptocurrency and foreign exchange transactions. <\/p>\n\n\n\n

Once overseas, the money was laundered and sent to the United States, Hong Kong, and the United Arab Emirates<\/a>.\u00a0TRM Labs:<\/p>\n\n\n\n

\n

Authorities discovered that over half of the deposits linked to the main suspects came from individuals with criminal backgrounds, pointing to widespread use of cryptocurrencies to facilitate illicit activities.”<\/p>\n<\/blockquote>\n\n\n\n

A federal court froze $1.58 billion in funds held in bank accounts and cryptocurrency exchanges<\/a>, though the report did not specify which platforms were involved.<\/p>\n\n\n\n

Over $9.7 billion has reportedly been laundered since the investigation started in 2021, according to the Federal Police, highlighting the substantial role cryptocurrencies play in enabling financial crimes in Brazil.<\/p>\n\n\n\n

<\/p>\n","protected":false},"excerpt":{"rendered":"

In a massive financial crime investigation, Brazilian authorities found a $9.7 billion cryptocurrency laundering network and arrested several people. Authorities in Brazil have taken decisive action against a cryptocurrency-based, multi-billion dollar money laundering network operating in several cities, including S\u00e3o Paulo, Fortaleza, and Bras\u00edlia. Blockchain forensic company TRM Labs revealed in a blog post on […]<\/p>\n","protected":false},"author":43,"featured_media":94101,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[1461,1437,1436],"class_list":["post-94099","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-brazil","tag-money-laundering","tag-police"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2024\/09\/croc_1726865387007-1.jpeg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/94099","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/43"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=94099"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/94099\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/94101"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=94099"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=94099"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=94099"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}