Brazilian authorities, supported by Tether, carried out an operation against a large-scale money laundering scheme, freezing R$32 million in USDT.
Details of Operation Magna Fraus
On July 18, Tether announced its assistance to Brazilian law enforcement in combating cybercrime through an operation dubbed Magna Fraus. The São Paulo Public Prosecutor’s Office and Federal Police executed searches in Goiás and Pará, resulting in the seizure of R$5.5 million in cryptocurrency and the freezing of an additional R$32 million ($5.7 million) in USDT.
Blockchain Transparency and Its Role in Crime Fighting
During the operation, Brazilian authorities uncovered a private key linked to stolen crypto assets, a rare occurrence in such investigations. This key granted access to wallets containing illicit funds, which were swiftly transferred into state custody.
Tether's Role in Combating Financial Crimes
Tether has actively partnered with law enforcement to tackle illicit financing. Over the past year, the company has assisted in seizing significant amounts of USDT related to high-profile fraud schemes and operations on blacklisted exchanges.
Operation Magna Fraus showcases how emerging technologies like blockchain provide transparency and facilitate effective combat against financial crimes. Tether's involvement in these processes highlights the importance of cooperation between the private sector and governmental entities.
