Brazil Police Dismantle $1.6B Crypto Exchange Linked to Drug Cartel
CryptoNewsTerminal Staff07 Aug, 2024
Brazil Police Dismantle $1.6B Crypto Exchange Linked to Drug Cartel
Brazilian police have cracked down on a money laundering organization linked to the First Capital Command (PCC) drug cartel that was operating businesses disguised as cryptocurrency exchanges. According to CoinDesk, the police seized 8 billion reais (about $1.6 billion) in assets from the organization. The investigation revealed that the group was using the exchanges to launder illicit funds from drug trafficking and other criminal activities. The dismantling of this organization is a significant blow to the PCC's financial network. It also highlights the growing use of cryptocurrency by criminal organizations to launder money and evade law enforcement.
