ChainCatcher reports, citing Bitcoin.com, that Brazilian Federal Police recently conducted Operation Nifheim, successfully dismantling three criminal organizations involved in money laundering using cryptocurrency. The operation, spanning across cities including Caxias do Sul, São Paulo, Fortaleza, and Brasília, resulted in the execution of 8 arrest warrants and 19 search and seizure warrants.

Since 2021, the criminal groups laundered over $9.7 billion through cryptocurrency, primarily originating from drug trafficking and smuggling. Brazilian federal courts froze $1.58 billion in assets and seized multiple vehicles and properties. Police revealed that these groups utilized shell companies to conceal the source of funds, which were subsequently transferred to locations such as the United States, UAE, Hong Kong, and China.