Binance helps Brazil authorities seize R$ 200,000 in crypto assets from criminals
Binance helps Brazil authorities to seize R$ 200,000 in crypto assets
São Paulo authorities have seized approximately R$ 200,000 in cryptocurrency and R$ 60,000 in cash from a criminal organization accused of stealing mobile phones and siphoning money from victims’ bank accounts and crypto wallets.
The operation, named Sleipnir, was carried out on Wednesday, March 19, by the Public Prosecutor’s Office of São Paulo in collaboration with the state’s Military Police, according to Livecoins.
Two search and seizure warrants were executed in central São Paulo, following an in-depth investigation by CyberGaeco, the cybercrime unit of the Public Prosecutor’s Office.
Criminals exploited stolen phones to access financial apps
According to authorities, the gang used stolen smartphones to access victims’ personal apps and credentials. These were then leveraged to carry out unauthorized bank transfers and crypto transactions. The illicit gains were laundered through digital assets, making the funds harder to trace through traditional banking systems.
The operation was made possible with the help of Binance, one of the world’s largest cryptocurrency exchanges, which provided data and blockchain tracking support. With Binance's assistance and blockchain analytics tools, investigators traced the flow of stolen assets and successfully froze wallets linked to the gang.
Also seized were jewelry, documents, and electronic devices, including phones belonging to victims. The operation's name, Sleipnir, refers to the mythological eight-legged horse ridden by the Norse god Odin, symbolizing the gang’s cross-domain reach—from physical theft to digital crime.
As cryptocurrency usage rises in Brazil, authorities and industry leaders are calling for greater regulatory oversight to prevent digital assets from becoming tools for organized crime.
Recently, Binance saw record success in 2024, with over $24 billion in user deposits. This surge was driven by a growing user base of 250 million and boosted by global crypto adoption and the launch of U.S. Bitcoin and Ethereum ETFs.
