Brazil Gang Allegedly Used Crypto For Laundering

Brazil’s federal police investigated an accused criminal organization that they claimed was using cryptocurrency tokens to conceal proceeds from illegal gold mining. The police have executed around 60 search and seizure orders, and completed five arrests. Police claim the criminal organization used its cryptocurrency token to launder money from illicit gold mining in the northern state of Rondonia since at least 2012. About 16 billion reais ($3 billion) passed through the group's bank accounts between 2019 and 2021, according to the authorities. Police also claimed that the gang owned a mining business that illegally obtained environmental licenses to illegally obtain gold taken from other illicit mines in the nation's north. It was used to “justify the amounts deriving from the illicit extraction of gold… as if they were Source