CandleFocus Brazil police bust $9.7b crypto laundering scheme
2024-09-20
Author: Content Editor
Brazilian authorities have arrested suspects and disrupted a $9.7 billion cryptocurrency money laundering scheme in multiple cities. The operation, called "Niflheim," targeted a network involved in laundering funds from criminal activities like drug trafficking and smuggling. The investigation discovered two companies that had moved billions of dollars using four layers, including tax evaders, shell companies, and firms facilitating foreign exchange and crypto transactions. Laundered funds were transferred abroad to countries such as the U.S., Hong Kong, and the UAE. Authorities froze $1.58 billion in funds held in bank accounts and crypto exchanges, emphasizing the significant role of cryptocurrencies in facilitating financial crimes in Brazil.
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