Brazil Hits Crypto Laundering Ring With Major Raid and Seizures

The operation, carried out on April 30, mobilized over 50 federal officers who raided multiple locations in Petrópolis and Angra dos Reis.

Investigators seized more than $280 million in assets, including luxury vehicles, a boat, cash, digital assets, electronics, and high-end jewelry—items allegedly tied to associates of Douver Torres Braga, the figure behind the notorious Trade Coin Club scam.

Braga, who is currently being prosecuted in the United States, is accused of orchestrating a Ponzi-style crypto investment scheme that defrauded investors of nearly $290 million. Operation Fantasos was not only designed to disrupt what remains of his laundering network but also to collect further evidence for the ongoing U.S. trial.

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The Brazilian Federal Police coordinated with several American agencies, including the FBI, Homeland Security Investigations, and the IRS Criminal Investigation division. Braga has pleaded not guilty to conspiracy and wire fraud charges, which could carry a sentence of up to 20 years if convicted.

This latest action follows a series of aggressive enforcement efforts by Brazil to root out high-level crypto crimes. In late 2023, authorities executed Operations Alcacaria and Privilege, leading to dozens of raids and arrests tied to illicit exchanges offering crypto laundering services. A month earlier, another major bust targeted a network responsible for processing nearly $10 billion in laundered funds since 2021.

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