Brazilian Police Suspect Crypto Bank 4TBank of Drug Cartel Ties
Date: 2024-12-04 Author: Oliver Abernathy Categories: IN WORLD
Law enforcement agencies believe that First Capital Command (FCC), which controls an important cocaine delivery route to Europe, has grown over three decades from a group of small-time criminals into an international network with a multi-billion dollar turnover. To legalize its income, the group focused on the fintech industry and digital markets of Brazil, including cryptocurrencies. According to the Sao Paulo prosecutor's office, creating your own bank allows you to launder money more effectively than using third-party platforms.
According to the investigation, 4TBank attracted both private and institutional investors by offering profitable schemes for working with cryptocurrencies. Bank representatives assured that their platform simplifies the investment process, removes bureaucratic barriers and helps improve the financial lives of clients. However, investigators claim that the bank actually became a key link in a large-scale money laundering scheme through digital assets. These funds are believed to have been used to buy drugs, support the FCC's illegal activities, and finance political campaigns.
The connection between 4TBank and the FCC was discovered by accident. During a police operation, drug dealers' mobile phones were seized, where the correspondence included data on interactions with the bank's management. Before that, 4TBank was used by the FCC not only for legal commercial activities, but also to obtain government contracts, which allowed it to receive funding and increase revenues.
4TBank's lawyers categorically deny the accusations, arguing that the prosecutor's allegations are untrue and the bank is not involved in criminal schemes.
Earlier, the Central Bank of Brazil proposed limiting transfers of stablecoins to non-custodial wallets such as MetaMask in order to strengthen control over financial flows in the country.
