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The Brazilian police announced the completion of Operation Niflheim and the defeat of a large criminal group that used various schemes to launder illegal proceeds through cryptocurrency market instruments.
As part of Operation Niflheim, the tax service and police reportedly conducted 23 searches and detained eight people suspected of laundering money through cryptocurrencies obtained by criminal means such as drug trafficking and smuggling. Operational activities of law enforcement agencies were carried out simultaneously in several cities: Caxias do Sul, São Paulo, Fortaleza and Brasilia.
As a result of the Niflheim operation, the court blocked $1.58 billion worth of funds held in bank accounts and cryptocurrency exchanges, and also seized the vehicles and real estate of community members.
The federal police reported that from August 2019 to May 2024, community members laundered more than $9.7 million through cryptocurrency assets. The funds were then withdrawn to the United States, Hong Kong and the UAE.
Earlier, the police of the Brazilian state of São Paulo announced the disclosure of a money laundering scheme through the accounts of a fake cryptocurrency exchange run by the First Capital Command drug gang. During the police operation, state law enforcement officers seized assets worth about 55 million Brazilian reais ($8.9 million).
As part of Operation Niflheim, the tax service and police reportedly conducted 23 searches and detained eight people suspected of laundering money through cryptocurrencies obtained by criminal means such as drug trafficking and smuggling. Operational activities of law enforcement agencies were carried out simultaneously in several cities: Caxias do Sul, São Paulo, Fortaleza and Brasilia.
As a result of the Niflheim operation, the court blocked $1.58 billion worth of funds held in bank accounts and cryptocurrency exchanges, and also seized the vehicles and real estate of community members.
The federal police reported that from August 2019 to May 2024, community members laundered more than $9.7 million through cryptocurrency assets. The funds were then withdrawn to the United States, Hong Kong and the UAE.
Earlier, the police of the Brazilian state of São Paulo announced the disclosure of a money laundering scheme through the accounts of a fake cryptocurrency exchange run by the First Capital Command drug gang. During the police operation, state law enforcement officers seized assets worth about 55 million Brazilian reais ($8.9 million).
