According to Wu, police in Sao Paulo, Brazil, have successfully dismantled a cryptocurrency money laundering scheme run by a drug gang called First Capital Command (PCC), which was conducting transactions of approximately 500 million reais (about $89 million) through a company that acted as a cryptocurrency exchange.
During the raid, police seized checks worth 55 million reais (about $8.9 million) at the company’s headquarters and executed 20 arrest warrants and 60 search warrants against PCC members.
Brazilian courts have frozen more than 8 billion reais (about 1.427 billion U.S. dollars) in assets of those involved in the case.