Brazilian police seize $33 million related to cryptocurrency exchange
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Answer Brazilian police seize $33 million related to cryptocurrency exchange
The Brazilian police seized 172 million Brazilian reals (equivalent to about 33 million US dollars) in the fight against money laundering.
The confiscation of the funds was the result of opening an investigation into a digital currency trading platform called “Operation Exchange”, where six search warrants were issued against it in the municipality of “Diadema” in São Paulo and the capital itself, according to Police statement issued On July 22.
The investigation is still ongoing, but the police allege that a number of cryptocurrency exchanges on the platform helped the gangs launder money.
Police have found 17 fake companies set up by criminals to launder money through cryptocurrency exchanges.
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After the money laundering, the criminals planned to send the money to offshore accounts.
Police said that over the course of five months, one cryptocurrency exchange laundered $1.93 million from six shell companies, and another eight received $2.9 million in cryptocurrency.
Police said cryptocurrency exchanges have not verified the source of the funds or the authenticity of the companies they deal with.
Courts confiscated assets from these companies and two individuals connected to the investigation.
Earlier this month, Brazilian police also ended an operation called “Operation Satan”, an investigation into the alleged embezzlement of at least 1.5 billion Brazilian reals (about $300 million) that left 7,000 victims.
Claudio Oliveira, known in the country as the “King of Bitcoin,” was arrested by the police, who headed the Bitcoin Banco Group, a custodian company that promised extraordinary profits to anyone who trusted the company with their money.
But the company claimed to have lost 7,000 bitcoins at the end of 2019.
According to the police, this was part of a fraudulent scheme.
It took the Brazilian police three years to finish Operation Satan, but the fraud and money laundering is not over yet, so caution must be taken.
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