Brazilian federal police said they dismantled a crypto-powered money laundering network on January 20, seizing or freezing assets worth about $126 million.
Authorities said the network laundered funds for criminal groups operating in Brazil and overseas through coordinated financial structures.
“The network has moved more than $7.3 million worth of illicit funds through coordinated operations involving affiliates and shell companies,”
Police said.
Officers carried out raids across multiple cities in the states of São Paulo, Goiás and Rio de Janeiro as part of the operation.
Police arrested seven people, including an alleged ringleader identified as Davidson Praça Lopes, according to local media.
Investigators said intermediaries managed crypto wallets, shell companies and bank transfers to move illicit funds.
The operation, codenamed Narco Azimut, follows a series of Brazilian crackdowns targeting cryptocurrency-related money laundering schemes.
Last month, a Brazilian court jailed 14 individuals for laundering millions of dollars using Bitcoin and other digital assets.
Police said the case builds on Operation Narco Bet launched in 2025, which exposed organised criminal activity linked to drug trafficking and illegal betting.
Investigations began after navy officers intercepted a sailboat carrying cocaine near Africa, prompting deeper financial probes.
A court in the city of Santos ordered asset seizures and restrictions on business activity tied to the alleged crimes.
Suspects are expected to face charges including organised crime, money laundering and tax evasion.
At the time of reporting, Bitcoin price was $89,451.92.