Brazilian police smash drug gang's cryptocurrency money laundering scheme, involving $89 million

The police in Sao Paulo, Brazil, said on the X (formerly Twitter) platform that the city had dismantled a money laundering scheme managed by drug gang First Capital Command (PCC), which operated a cryptocurrency exchange company.
According to CNN, the company conducted transactions worth about 500 million reais ($89 million). During the raid, police seized checks worth 55 million reais ($8.90 million) at the company's headquarters, whose name has not been released. A recent report in The Economist said that "First Capital Command" is known as the largest gang in Latin America, with nearly 40,000 members and nearly 60,000 contractors.