The Brazilian Federal Police acted against an operation that had been using cryptocurrency and shell companies to launder hundreds of millions for at least 5 years.
Local reports indicate that the police executed over 24 search and seizure orders and 8 arrests as part of “Operation Kryptolaundry,” which dismantled a group linked to Glaidson Acácio dos Santos, known as the “ Bitcoin Pharaoh.”
Santos, who was apprehended by state authorities in 2021, was the leader of one of the largest investment pyramid schemes in Brazil, Gas Consultoria. The scheme affected thousands in Brazil, who lost millions investing in Santos’ enterprise.
The group disarmed during this operation would have been using Santos’ playbook, offering crypto-related investment options and gaining the trust of their customers, hosting real-life meetups and intense social media advertising.
Federal Police determined that the group had received nearly $500 million, with a significant amount being rerouted to the leaders of the operation, who resorted to cryptocurrency and shell companies to avoid detection.
The arrested will be facing criminal charges of financial crimes, money laundering, criminal organization, and misrepresentation.
The operation underscores the ongoing battle against cryptocurrency-linked crime in Brazil, an activity that has been on the rise since 2021.
Kryptolaundry is just the latest high-profile operation against crypto-money laundering activities this year. In October, Brazilian authorities dismantled a similar group in Operation Lusocoin, which resulted in the seizure of $540 million worth of assets from an international group that laundered money from drug trafficking, contraband, and tax evasion activities.
As a new cryptocurrency regulatory framework is set to become effective in 2026 to curb the use of cryptocurrency for illicit purposes, oversight and enforcement over these kinds of groups is only expected to grow.
Read more: Brazil Issues New Crypto Regulations, Tightens Controls on Stablecoins Transactions and VASPs
What was the recent action taken by the Brazilian Federal Police?
The police dismantled a money laundering operation involving cryptocurrency and shell companies, executing over 24 search and seizure orders and making 8 arrests.Who was behind this operation?
The ring was linked to Glaidson Acácio dos Santos, known as the “ Bitcoin Pharaoh,” who previously led a large investment pyramid scheme, Gas Consultoria.How much money did the group launder?
The operation reportedly processed nearly $500 million, using cryptocurrency and shell companies to obscure their activities.What does this operation indicate about cryptocurrency crime in Brazil?
Operation Kryptolaundry highlights the ongoing challenge of crypto-linked crime in Brazil, with increasing law enforcement focus as a new regulatory framework is set for 2026.
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