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OFAC Sanctions Brazilian Crypto Network Laundering $30M for Drug Cartel
OFAC sanctioned two Brazilians and four companies for laundering $30M in drug money through crypto, targeting the PCC cartel. Exchanges should increase scrutiny of Brazilian and Portuguese transactions.
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The US Treasury's OFAC sanctioned two Brazilian nationals and four companies this week for running a cryptocurrency-based money laundering network tied to the Primeiro Comando da Capital, or PCC. The alleged scheme involved converting drug proceeds into crypto and moving the funds back to Brazil through front companies, Treasury said in a statement.
The designated individuals are Victor Henrique de Oliveira Shimada and Stella Stefanie Nunes Henrique de Oliveira. Victory Trading and Pixwave Soluções de Pagamentos Ltda were named as front companies, alongside a third Brazilian firm, Wave Construções Inteligentes Ltda. One Portuguese entity, Avenidas Flutuantes Unipessoal Lda, was also sanctioned.
The model is simple by design. Drug proceeds generated in the US were converted to cryptocurrency and transferred to Brazil. The Brazilian companies acted as fronts to mask the transactions. Victory Trading had previously surfaced in a 2025 laundering case involving a soccer club, Treasury noted.
A Homeland Security Task Force uncovered the network, which Treasury said was based in São Paulo. The probe also led to the January 2026 arrests of six members of a Florida-based PCC faction on money laundering charges, suggesting the group has a meaningful operational presence in the US.