Brazil busts $500M crypto laundering ring
The Brazilian Federal Police seized around R$2.7 billion, or $500 million, linked to a crypto money laundering ring that has been active for five years.
As part of “Operation Kryptolaundry,” the Brazilian police carried out 24 search-and-seizure warrants across the country.
The police launched the special operation on December 9 with the goal of taking down fraudulent investment offerings and money laundering via cryptocurrencies.
Crypto launderers linked to Bitcoin Pharaoh
According to local reports, the crypto ring is connected to Glaidson Acácio dos Santos, known as the Bitcoin Pharaoh. The Brazilian police captured him back in 2021.
Santos was the boss of Gas Consultoria, one of the biggest investment pyramid schemes in
