Share this article
Brazilian Civil Police Dismantles Crypto Laundering Scheme Employed by Drug Gang
The criminal group used a company that functioned as a crypto exchange.
Updated Aug 8, 2024, 11:53 a.m. Published Aug 7, 2024, 6:20 p.m.
The Civil Police of São Paulo, Brazil, dismantled a money laundering scheme managed by the drug gang First Capital Command (PCC) that operated a company operating as a crypto exchange, the police said on X (formerly Twitter) on Tuesday.
The company conducted transactions worth approximately 500 million reais ($89 million), according to a CNN report. During the raid, the police seized checks worth 55 million reais ($8.9 million) at the company's headquarters, whose name was not released at this time.
STORY CONTINUES BELOW
The raids took place after the Civil Police of São Paulo received orders on Tuesday to execute 20 arrest warrants and 60 search and seizure warrants against people linked to the First Capital Command in different cities in the state of São Paulo.
Brazilian courts, on the other hand, have blocked more than 8 billion reais ($1.427 billion) in assets of those involved in the investigations.
The First Capital Command is known as Latin America's biggest gang, with nearly 40,000 members and close to 60,000 contractors, according to a recent report by The Economist.
More For You
L1 tokens broadly underperformed in 2025 despite a backdrop of regulatory and institutional wins. Explore the key trends defining ten major blockchains below.
What to know:
2025 was defined by a stark divergence: structural progress collided with stagnant price action. Institutional milestones were reached and TVL increased across most major ecosystems, yet the majority of large-cap Layer-1 tokens finished the year with negative or flat returns.
This report analyzes the structural decoupling between network usage and token performance. We examine 10 major blockchain ecosystems, exploring protocol versus application revenues, key ecosystem narratives, mechanics driving institutional adoption, and the trends to watch as we head into 2026.
More For You
Russia’s central bank unveils new crypto rules to be adopted in 2026
Bank of Russia outlined a new framework intended to let retail and qualified investors buy crypto under defined tests and caps by 2027.
What to know:
- Russia's central bank has proposed a framework to legalize and regulate cryptocurrency trading for individuals and institutions.
- The proposal allows ordinary citizens to buy and sell cryptocurrencies through regulated platforms, with limits for nonqualified investors.
- The framework supports broader use of Russian-issued digital financial assets and permits crypto purchases abroad with mandatory tax reporting.
Top Stories
