The Brazilian Federal Police, in collaboration with the Federal Tax Service, launched a major crackdown on a $9.7 billion cryptocurrency money laundering scheme linked to drug trafficking and smuggling. The initiative was called Operation Niflheim and targeted three organizations involved in illegal activities. Authorities froze approximately $1.58 billion in assets during the operation, marking a significant blow to the criminal enterprises. The investigation, which began in 2021, has revealed extensive use of cryptocurrencies to launder illicit funds. This operation highlights Brazil's increasing focus on combating financial crimes in the crypto space.