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Brazilian Civil Police Dismantles Crypto Laundering Scheme Employed by Drug Gang
The criminal group used a company that functioned as a crypto exchange.
Updated Aug 8, 2024, 11:53 a.m. Published Aug 7, 2024, 6:20 p.m.
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The Civil Police of São Paulo, Brazil, dismantled a money laundering scheme managed by the drug gang First Capital Command (PCC) that operated a company operating as a crypto exchange, the police said on X (formerly Twitter) on Tuesday.
The company conducted transactions worth approximately 500 million reais ($89 million), according to a CNN report. During the raid, the police seized checks worth 55 million reais ($8.9 million) at the company's headquarters, whose name was not released at this time.
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The raids took place after the Civil Police of São Paulo received orders on Tuesday to execute 20 arrest warrants and 60 search and seizure warrants against people linked to the First Capital Command in different cities in the state of São Paulo.
Brazilian courts, on the other hand, have blocked more than 8 billion reais ($1.427 billion) in assets of those involved in the investigations.
The First Capital Command is known as Latin America's biggest gang, with nearly 40,000 members and close to 60,000 contractors, according to a recent report by The Economist.
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- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
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