Brazilian Police Department Seizes 591 BTC Amid the Biggest Crypto Seizure of the Country

The police department of Brazil seized up to 591 Bitcoins, valuing roughly 150M in Brazilian real and $28.6M, during a crackdown over a suspected scam group. CNN Brazil reported that five persons were arrested by the federal police while doing an investigation Operation Kryptos. The department pointed out that the persons were linked with the crime, and nearly $3.63 million has also been recovered from them in the form of cash along with 21 expensive vehicles, Jewelry, and watches during the fulfillment of 15 seizures and search warrants.

Glaidson Acácio, the holder of a consultancy regarding Bitcoin under Cabo Frio’s municipality, which is in the territory of Rio de Janeiro, was also arrested among the others. He is alleged to lead the whole scheme promising a 15% return over the made investments. Nonetheless, he has been purposefully involved in laundering billions from the front. The department has planned to bring the suspect in front of the court. Nevertheless, his counsel mentioned that despite being aware of his arrest, they were not able to reach the complete specifics regarding the case. In the meantime, the police arrange the discharge of the confiscated crypto to be available for court.

In Brazil, it is the initial recovery of illicit cryptocurrencies. In July, another accused scam of approximately $150M in crypto was busted by the police of the country. However, up to 7000 investors’ money got lost in that incident. Cláudio Oliveira was arrested by the department of police for being the president of Bitcoin Banco Group and utilizing the company to illegally transfer the investments to a personal account of his own.

The police department has started a war against money-laundering operations, including crypto. For this purpose, Operation Compliance was initiated. Nonetheless, the country is not alone in this situation of fighting against crypto money laundering as the confiscation of almost $250M in crypto has been reported by the police department of England. The declaration of crypto confiscation made in July is even now considered among the biggest across the globe.

Notwithstanding, there is a continuous spike being witnessed in the adoption of crypto in Brazil. Its biggest Bitcoin exchange named Mercado Bitcoin traded up to $5 billion in 2021’s 1st quarter, which can alone be compared to the $1.2 billion traded during the whole of 2020. The country is going after El Salvador in adopting Bitcoin as it is second after Canada to legalize and ETF of Bitcoin.