Brazilian Federal Police Launch Operation Colossus, 6 Cryptocurrency Exchanges Involved


Brazilian Federal Police Launch Operation Colossus, 6 Cryptocurrency Exchanges Involved

The Brazilian Federal Police and the Brazilian tax authority have launched the ultimate stage of “Operation Colossus,” a motion that has executed lots of of courtroom orders towards cryptocurrency exchanges, arbitrage brokers, and faux firms in 4 states of the nation. 158 authorities officers, together with 130 federal policemen, have been concerned on this operation, effecting search and seizure orders for six cryptocurrency exchanges and 4 foreign exchange establishments.

Brazilian Federal Police Launch Operation Colossus, 6 Cryptocurrency Exchanges Involved

Brazilian Federal Police Launch Operation Colossus, 6 Cryptocurrency Exchanges Involved

Operation Colossus Launched to Cease Cash Laundering Operations

Brazilian Federal Police Launch Operation Colossus, 6 Cryptocurrency Exchanges Involved

On September 22, The Federal Police of Brazil, with the assistance of the Brazilian tax authority, launched the ultimate stage of Operation Colossus, an investigation with greater than 4 years of historical past. The organizations executed greater than 100 courtroom orders directed at six cryptocurrency exchanges, 4 foreign exchange operators, and arbitrage brokers suspected of aiding in cash laundering operations.

Brazilian Federal Police Launch Operation Colossus, 6 Cryptocurrency Exchanges Involved

Brazilian Federal Police Launch Operation Colossus, 6 Cryptocurrency Exchanges Involved

It’s estimated that 130 federal policemen participated in Operation Colossus, delivering two arrest warrants, and 37 search and seizure orders in 4 states of the nation, together with Rio de Janeiro, Bahia, Sao Paolo, and Santa Catarina. 28 officers of the Brazilian tax authority have been additionally concerned within the effort.

Brazilian Federal Police Launch Operation Colossus, 6 Cryptocurrency Exchanges Involved

The criminals allegedly used cryptocurrency property to launder cash by way of a remittance system. In keeping with the press launch issued by the Federal Police, near $391 million have been moved throughout suspicious trade operations. The Federal Police said:


Such assets entered and circulated by the official monetary system, by shell firms, with out financial and monetary capability, and handed by transit accounts till their conversion into cryptoassets that may very well be used overseas.



Modus Operandi and Comparable Operations

Authorities consider that three teams have been concerned on this felony endeavor. The primary group is shaped of high-level arbitrage brokers, that bought massive portions of cryptocurrency property in international locations just like the U.S., Singapore, and Hong Kong. The second group is cryptocurrency exchanges, which acted as middlemen.

The third group consists of faux firms and people that bought these cryptocurrency property, with most of the clients being unable to buy cryptocurrencies. Amongst these have been the deceased, individuals included in help applications, and aged individuals over 90 years of age. Greater than 1,300 of those faux firms have been managed by a single accountant.

This is without doubt one of the greatest -related operations of its type within the nation, alongside others like operation Kryptos and operation Compliance, which have been executed by authorities forces final yr.

What do you consider Operation Colossus? Inform us within the feedback part beneath.

Sergio Goschenko

Sergio is a cryptocurrency journalist based mostly in Venezuela. He describes himself as late to the sport, getting into the cryptosphere when the worth rise occurred throughout December 2017. Having a pc engineering background, residing in Venezuela, and being impacted by the cryptocurrency growth at a social degree, he presents a unique perspective about success and the way it helps the unbanked and underserved.

Picture Credit: Shutterstock, Pixabay, Wiki Commons, Joa Souza / Shutterstock

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