Brazilian Police Freeze Approximately $5.75 Million in Cryptocurrency Assets to Combat Electronic Fraud Gang

On August 14, the Federal Police of Brazil launched "Operation Serpent Tail" in Pôrto Velho, Rondônia, targeting electronic fraud crime gangs that prey on financial institutions. This gang recruited ordinary people to provide bank accounts for receiving illicit funds, which were then converted into cryptocurrency to obscure transaction trails before flowing back into the formal economy. The police have executed 8 preventive arrest warrants and 18 search warrants, obtaining permission to freeze approximately 30 million reais (about $5.75 million) in balances from cryptocurrency exchanges and traditional financial institutions, while also seizing related vehicles and boats.

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