Brazilian police launched a major operation targeting a protection racket ring involved in extorting small automobile garage owners in the south of the country. Authorities confiscated $45,000 in cryptocurrencies and froze $2.3 million in suspect bank accounts. The gang, allegedly orchestrated by inmates from behind bars, used crypto for laundering proceeds and a network of shell companies. The ongoing investigation is part of a broader crackdown empowered by recent rulings allowing authorities to seize digital assets in financial crimes.
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Brazilian Authorities Crack Down on Crypto-Backed Protection Racket, Seizing $45,000 in Digital Assets
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