Brazil police seize $1B in assets in crypto-linked drug laundering case

Brazil has launched a nationwide operation targeting an alleged transnational drug trafficking and money laundering network that investigators say used crypto brokers, shell companies and luxury assets to conceal up to R$1 billion in illicit proceeds. Summary Brazil has launched a nationwide operation targeting an alleged drug trafficking and money laundering network that investigators say used crypto brokers. Authorities froze up to R$1 billion in assets while carrying out arrests and searches across four Brazilian states. Investigators allege the group shipped about 6.5 tons of cocaine to Europe since 2021 using concealed cargo methods. The Federal Police said the network allegedly laundered proceeds through shell companies, luxury assets, real estate and crypto brokers. According to Brazil’s Federal Police, officers on Thursday carried out Operation Commodity across four states, executing 13 preventive arrest warrants and 44 search and seizure warrants as part of an investigation into an alleged criminal organization involved in international cocaine trafficking and large-scale money laundering. The operation forms part of the Redentor II Mission and received support from the In...