Brazilian Police Launch Operation Against Crypto-Related Money Laundering

According to PANews, the Brazilian Federal Police have initiated 'Operation Kryptolaundry' in the Federal District to dismantle a criminal network involved in illegal fundraising and money laundering through cryptocurrency. The operation executed 24 search warrants and nine preventive arrests, targeting 45 individuals and companies. The investigation involves funds amounting to 2.7 billion reais, approximately $500 million, with 404 million reais identified as illicit gains. The court has ordered the freezing of assets up to 685 million reais and the seizure of properties linked to the case. Those under investigation may face charges related to financial crimes, money laundering, and organized crime.