PANews reported on August 8 that according to CoinDesk, the Sao Paulo police in Brazil smashed a money laundering scheme managed by the drug gang "First Capital Command" (PCC), which operated through a company that acted as a cryptocurrency exchange. According to CNN, the company's transaction amount was about 500 million reais (89 million U.S. dollars). During the raid, the police seized checks worth 55 million reais (8.9 million U.S. dollars) at the company's headquarters.
The raids were carried out based on orders received by the Sao Paulo Civil Police on Tuesday, involving 20 arrest warrants and 60 search and seizure warrants. The Brazilian court also froze more than 8 billion reais ($1.427 billion) in assets of those involved in the case. According to a report by The Economist, the PCC is the largest gang in Latin America, with nearly 40,000 members and about 60,000 contract workers.
