Brazil Police Break Up $2 Billion Crypto Laundering Network Tied to PCC Cartel

Brazil’s Federal Police launched Operation Exchange on Friday, taking down a criminal network connected to Primeiro Comando da Capital (PCC), a group designated by the United States as a Specially Designated Global Terrorist organization. The network allegedly used cryptocurrency and cash to launder illicit funds and move money between Florida and Brazil.

Dozens of Warrants Executed in Sao Paulo

More than 50 officers took part in the operation, carrying out 13 search-and-seizure warrants and 11 temporary arrest warrants across locations in the state of Sao Paulo. According to local reports, police said the organization relied on a structured system combining illicit crypto transfers with physical cash transportation to move funds. Authorities estimate the group laundered close to $2 billion by blending user-to-user transactions, large bank transfers and cash movement. No cryptocurrency exchange has been named as involved so far, with the investigation still active.

US Sanctions Preceded the Raid

On July 1, the U.S. Treasury’s Office of Foreign Assets Control sanctioned two individuals, Victor Henrique de Oliveira Shimada and Stella Stefanie Nunes Henrique de Oliveira, along with three Brazilian companies and one Portuguese company, over their alleged ties to PCC. The Treasury described Shimada as a key link in the network, accusing him of helping launder more than $30 million in illicit proceeds generated across several U.S. cities by using crypto to route funds back to Brazil on the cartel’s behalf.

One Suspect Captured, Another Still at Large

While Nunes Henrique de Oliveira was arrested during the operation, Shimada remains a fugitive. Federal Police chief Andrei Rodrigues said the lack of coordination between the U.S. sanctions announcement and Operation Exchange forced police to move up their timeline, executing the warrants earlier than planned.