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Police raid 6 bitcoin exchanges in Brazil involved in investigation

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Brazilian police authorities have raided six bitcoin (BTC) and cryptocurrency exchanges in the South American country, which is involved in an investigation for alleged money laundering and tax evasion.

According to a document The name of the procedure is “Operation Colossus,” published by the Brazilian Information Service. News sources. report involving 28 cryptocurrency exchanges and the At least 101 arrest warrants have been issued by a São Paulo criminal court.. These include two arrest warrants and 37 search warrants.

Brazilian Federal Police. seized $238 million that was in the possession of the stock exchanges related to this investigation and an amount of cryptocurrencies and other digital assets that was not specified by authorities.

The measures against these exchanges Cryptocurrency exchanges stem from a report conducted by Brazil’s Financial Intelligence. According to the document, suspicious banking activities related to cryptocurrency trading were found. The possible crimes occurred between 2017 and 2021, although police say this activity continues to this day.

The suspects were active in several countries

Authorities suspect three groups are involved in these alleged crimes. The first group made large purchases of cryptocurrencies in the United States, Singapore, and Hong Kong and allegedly consisted of high-profile arbitrage brokers.

Another group would consist of exchanges that have been raided in recent hours. Y the third group would consist of individuals and shell companies. According to the report, some of these individuals and entities would not be able to carry out any of these transactions because the identities used would belong to people who are deceased, over 90 years old, or from the country’s social welfare program. In addition, 1,300 of these companies would be managed by a single accountant.

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