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Police in the Brazilian state of Sao Paulo reported on the disclosure of a scheme to launder income through the accounts of a fake cryptocurrency exchange operated by a gang of drug dealers First Capital Command.
During the police operation, state law enforcement officers seized assets worth about 55 million Brazilian reais ($8.9 million) in various forms. Law enforcement officers conducted searches at the headquarters of a company that provides unregistered services for the circulation of cryptocurrencies.
Sao Paulo police said that the digital platform, whose name was not disclosed, conducted crypto transactions worth more than 500 million Brazilian reais ($89 million) through its accounts.
The raid comes after the Sao Paulo Civil Police received 20 arrest warrants and 60 search and seizure warrants against individuals associated with First Capital Command in several cities in the state.
Courts have blocked more than 8 billion Brazilian reais ($1.4 billion) worth of drug gang members ' assets.
In 2022, more than a hundred Brazilian police agents raided addresses in three federal states linked to a fraudulent network controlled by Francisco Valdevino da Silva. According to the authorities, the group of Francisco da Silva, also known as the "bitcoin sheikh", was engaged in the theft and laundering of crypto assets worth more than $700 million.
During the police operation, state law enforcement officers seized assets worth about 55 million Brazilian reais ($8.9 million) in various forms. Law enforcement officers conducted searches at the headquarters of a company that provides unregistered services for the circulation of cryptocurrencies.
Sao Paulo police said that the digital platform, whose name was not disclosed, conducted crypto transactions worth more than 500 million Brazilian reais ($89 million) through its accounts.
The raid comes after the Sao Paulo Civil Police received 20 arrest warrants and 60 search and seizure warrants against individuals associated with First Capital Command in several cities in the state.
Courts have blocked more than 8 billion Brazilian reais ($1.4 billion) worth of drug gang members ' assets.
In 2022, more than a hundred Brazilian police agents raided addresses in three federal states linked to a fraudulent network controlled by Francisco Valdevino da Silva. According to the authorities, the group of Francisco da Silva, also known as the "bitcoin sheikh", was engaged in the theft and laundering of crypto assets worth more than $700 million.
