Brazil police bust crypto money-laundering ring, freeze $196M in assets

Brazil’s federal police arrested a drug trafficking ring accused of laundering money through cryptocurrency and seized and froze $196 million (1 billion Brazilian reais) in assets, Bitcoin.com reported. According to police, the group is suspected of smuggling more than 6.5 tons of cocaine to Europe through Rio de Janeiro’s port since 2021 by hiding it in shipments of coffee, cement and mortar.