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Brazilian Federal Police Launch Operation Colossus, 6 Cryptocurrency Exchanges Involved – Regulation Bitcoin News

Brazilian Federal Police Launch Operation Colossus, 6 Cryptocurrency Exchanges Involved – Regulation Bitcoin News

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Brazil’s federal police and the Brazilian tax authority have launched the final phase of “Operation Colossus,” which has enforced hundreds of court orders against cryptocurrency exchanges, arbitrage agents, and fake companies in the country’s four states. The operation involved 158 government officials, including 130 federal police officers, who served search and seizure warrants on six cryptocurrency exchanges and four forex establishments.

Operation Colossus was launched to stop crypto money laundering

On September 22, the Brazilian Federal Police, with the help of the Brazilian tax authority, launched the final phase of Operation Colossus, an investigation that has more than four years of history. The organizations executed more than 100 court orders targeting six cryptocurrency exchanges, four currency operators and arbitrage agents suspected of involvement in money laundering operations.

An estimated 130 federal police officers participated in Operation Colossus, serving two arrest warrants and 37 search and seizure warrants in the country’s four states, including Rio de Janeiro, Bahia, Sao Paolo and Santa Catarina. 28 Brazilian tax authorities were also involved in the effort.

Criminals allegedly used cryptocurrency funds to launder money through a remittance system. According to a press release issued by the Federal Police, nearly $391 million was transferred during suspicious exchange operations. The Federal Police announced:

Such resources entered and moved into the official financial system, through shell companies without economic and financial capacity, and passed through transit accounts until they were converted into crypto-assets that could be used abroad.


Modus Operandi and similar operations

Authorities believe three groups were involved in this criminal enterprise. The first group consists of high-level arbitrage agents who bought large amounts of cryptocurrency assets from countries such as the United States, Singapore, and Hong Kong. Another group are cryptocurrency exchanges that act as intermediaries.

The third group consists of fake companies and individuals who bought these cryptocurrency assets, and many customers are unable to buy cryptocurrencies. Among them were dead people, people who were part of assistance programs and elderly people over 90 years old. More than 1,300 of these fake companies were run by a single accountant.

This is one of the largest crypto operations of its kind in the country, along with others such as Kryptos and Compliance, which were carried out by government forces last year.

What do you think of Operation Colossus? Let us know in the comments section below.

Sergio Goschenko

Sergio is a cryptocurrency provider in Venezuela. He describes himself as a late-game entry into the cryptosphere when the price surge occurred in December 2017. Having a background in computer technology, living in Venezuela, and having an impact on the societal level of the cryptocurrency boom, he offers a different perspective. about crypto success and how it helps the unbanked and underserved.

The authors of the picture: Shutterstock, Pixabay, Wiki Commons, Joa Souza / Shutterstock

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