On July 10, 2025, Brazilian law enforcement, led by the Civil Police of Goiás (PCGO), dismantled a sophisticated criminal syndicate that laundered over R$164 million (approximately USD 32 million) through cryptocurrency.
The operation, which resulted in 32 arrests and the seizure of more than R$112 million in assets, uncovered a network involved in illegal activities, including the use of counterfeit credit card machines, forged documents, and illicit drugs. Binance’s investigation team and the Signals Intelligence Management and Technology Laboratory against Money Laundering provided crucial support to law enforcement helping Brazilian authorities seize the illicit proceeds.
TRM is proud to have supported the PCGO in this investigation.
The syndicate’s operations involved acquiring stolen banking data, cloned credit cards, and counterfeit documents through dark web marketplaces. After obtaining this information, the criminals used cryptocurrency to launder the illicit proceeds, moving the funds through shell companies and fake accounts to obscure their origins. The laundered funds were then reintegrated into the formal economy by purchasing real estate and vehicles.
The PCGO leveraged TRM’s blockchain intelligence tools to trace the illicit flow of cryptocurrency transactions, helping identify key individuals behind the operation and exposing the network’s infrastructure. The success of this operation underscores the growing importance of blockchain intelligence in helping law enforcement combat financial crime.
This is not the first time Brazilian authorities have leveraged blockchain intelligence to investigate and disrupt illicit networks. In December 2023, the Public Ministry of Rio de Janeiro (MPRJ) launched "Operation Medellín" to dismantle a criminal organization operating in Brazil and Colombia. The group used dating apps to lure victims, drug them, and steal their cryptocurrency holdings. One victim was incapacitated, and around USD 23,000 USDT was stolen from his accounts using his cellphone.
The breakthrough came when investigators traced the stolen funds to a suspect’s account. By using TRM Forensics, law enforcement identified four Colombian nationals involved in the thefts which ultimately led to the issuance of five arrest and search warrants in São Paulo, resulting in the arrest of four individuals and the seizure of critical evidence, including documents, phones, and computers. Approximately USD 6,000 in USDT was recovered.
Prosecutor Fabiano Gonçalves Cossermelli Oliveira emphasized the vital role of blockchain intelligence in these investigations, stating, "Even if cryptocurrency operations provide the appearance of anonymity, the blockchain offers valuable information to resolve criminal cases." He further highlighted the importance of tools like TRM Forensics in identifying criminals and facilitating cooperation with Virtual Asset Service Providers (VASPs) for additional data.
Both operations highlight the evolving nature of financial crimes and the critical role of blockchain intelligence in modern law enforcement. As cryptocurrency continues to play a central role in illegal activities, TRM Labs remains committed to supporting global authorities in tackling crypto-enabled crime through our advanced forensic tools and expertise. We are proud to be a trusted partner in helping law enforcement combat emerging threats and safeguard financial systems.
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