Cryptocurrency fraudsters who laundered $ 9.7 billion through digital assets exposed

The Brazilian police have successfully completed Operation Niflheim, aimed at exposing a large criminal group that laundered illegal proceeds through cryptocurrency.

According to law enforcement, from 2019 to 2024, criminals used cryptocurrency schemes to launder more than $ 9.7 billion. These funds were obtained through illegal activities, including drug trafficking and smuggling.

The operation involved 23 searches in several cities in Brazil, including São Paulo and Brasilia. Eight people were detained, and assets worth $ 1.58 billion were blocked on bank accounts and cryptocurrency exchanges. Vehicles and real estate belonging to members of the criminal group were also seized.

The criminals used fictitious companies and individuals with criminal records to legalize funds, which were then transferred to the United States, Hong Kong, and the UAE. This operation is another step in the fight against illegal money laundering schemes using cryptocurrencies in Brazil.

As a reminder, Ukrainian and German law enforcement officers exposed a hacker network that had been committing cybercrime since 2010. more than 600 organizations and individuals were affected. Among them are the National Health Service of the United Kingdom and the University Hospital of Düsseldorf. The damage was worth millions of euros.