Brazilian police suspend the crypto gang linked to illegal mining
The federal police in Brazil have carried out an operation against a criminal gang that allegedly used crypto tokens to launder money from illegal gold mining. The suspects are charged with money laundering, fraud and corruption.
They arrested five people and issued 60 search and seizure orders. This was part of an investigation into an alleged criminal gang that used crypto-tokens to launder money from illegal gold mining.
The Greed operation was related to health companies that, since at least 2012, had laundered money from illegal gold mining in the northern state of Rondonia, federal police said. According to police, the criminal group used its own crypto token to move around billions of dollars, including money laundering methods.
The group’s shell company made tokens based on the gold and sold them to investors, who then received dividends for the investment in the company. Federal police said more than $ 3 billion moved through the group’s bank accounts between 2019 and 2021.
Money laundering through digital assets
Bitcoin and other cryptocurrencies are the new fronts to combat money laundering. According to a recent report by Interpol, fraudsters are increasingly using bitcoin and other cryptocurrencies to launder money, and use the anonymity of these currencies to hide their traces.
The report estimates that around $ 2 billion is laundered through cryptocurrencies each year – a number that is expected to increase as more people buy into mania. Digital currencies attract criminals because they allow them to move around money quickly and anonymously. They can also be used to purchase goods and services anonymously.
Analysts found that cryptocurrency is often used in connection with other forms of fraud and money laundering, as well as for cybercrime and extortion payments. In addition, criminals use digital currencies because they are difficult to track.
According to a recent report from the US Treasury Department, the use of bitcoin to launder money is increasing worldwide. And when fraudsters get hold of cryptocurrencies, it makes it harder for police to track them down and recover stolen funds – especially when those funds are used by criminals to buy drugs or weapons.
The report says that cybercriminals are increasingly using crypto as an alternative to traditional bank accounts and credit cards while taking advantage of their anonymity. This allows them to avoid detection by police authorities who try to monitor suspicious activity online.
The report also said that while bitcoin is still the most widely used cryptocurrency among criminals (accounting for almost 50 percent of all cybercrime), other types of currencies are also used – including Dogecoin (DOGE) and Ethereum (ETH).
Protect citizens from money laundering schemes
One thing digital assets have in common is that they are all unregulated by governments or financial institutions – which means that if someone wants to use them for illegal activity (such as money laundering), there is little anyone can do about it!
Different states have a duty to protect their citizens from the danger of money laundering. Many analysts believe that states must also ensure that people who use digital currencies do not harm or steal from others. That is why they are proposing new rules for digital currency, which will require that all transactions be tracked to prevent money laundering.
The US Treasury Department recently provided a framework for cryptocurrencies for US government agencies to work with their international counterparts.
This framework will allow government agencies to understand the risks associated with cryptocurrencies and how they can be used to combat these risks. In addition, the report provides guidelines for how US agencies can work with other countries and international organizations to develop best practices when dealing with digital currencies.
