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Brazilian Civil Police Seize $33 Million From Alleged Crypto Money Laundering Scheme
BY TYLER DURDEN
MONDAY, JUL 26, 2021 - 05:45 AM
In an event that crypto firms worldwide will likely pay close attention to, Brazilian police have foiled a $33 million crypto scheme after an investigation into money laundering.
The investigation took place in Sao Paulo and Diadema, where police executed six search warrants that resulted in "the Brazilian judiciary authoriz[ing] freezing accounts and seizing assets from two individuals and 17 companies," according to Yahoo Finance.
"Crypto exchanges acquired and sold bitcoin to fictitious companies fabricated to facilitate their creators’ access to the banking system," the investigation discovered. Over the course of five months, it was revealed that one exchange transacted $1.93 million in crypto with six different fake companies. Eight other fake companies transacted another $2.9 million in crypto, the investigation found.
More:
https://www.zerohedge.com/markets/brazilian-civil-police-seize-33-million-alleged-crypto-money-laundering-scheme