A Brazilian court convicted 14 people of laundering $95 million in drug trafficking profits using Bitcoin.

According to Odaily, a Brazilian federal court has sentenced 14 people for using Bitcoin to launder more than $95 million in drug trafficking and kidnapping profits. Two ringleaders were sentenced to more than 21 years in prison, one of whom was a prison security officer. The remaining 12 were sentenced to prison terms ranging from 10 to 17 years.

The criminal syndicate operated in Minas Gerais and Paraná states from April 2019 to July 2024, primarily functioning to conceal the nature, origin, flow, and ownership of assets obtained through cross-border drug trafficking and violent crimes, including ransom payments from the Rio de Janeiro kidnapping case. Investigations revealed that the syndicate used Bitcoin and other cryptocurrencies to launder money for a larger criminal network, operating an "accounting department" through fake tax identification numbers, falsified accounting records, and multiple shell companies, while masquerading as businesses in food trade, livestock farming, luxury goods, and swimwear. (Dlnews)