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The Federal Public Ministry (MPF) signed a contract with Techbiz Forense Digital to monitor cryptocurrency transactions in Brazil. The contract, published in the Official Gazette of the Union on May 24, intends to use a system to identify, monitor, track, research and analyze electronic transactions involving cryptocurrencies.

Furthermore, the agreement provides for employee training to operate the platform. The total value of the contract is R$429,990, effective from May 16th of this year until May 15th, 2027.

Techbiz Forense Digital has collaborated with several public bodies in the past. At least 15 institutions from 10 Brazilian states used Snap Sinapses Desktop. It is a data analysis tool that cross-references information from closed profiles on social networks with confidential databases.

However, the partnership with the MPF to monitor cryptocurrencies is one of the first in this specific area. The contract reflects a growing trend among public bodies to seek advanced methods to combat fraud and scams involving crypto assets.

Cryptocurrency fraud

In November last year, the Ministry of Justice and Public Security (MJSP) released the 2023 Asset Recovery Report.

Prepared by a working group dedicated to dismantling the financial flow of criminal organizations both in Brazil and abroad, the report presents 11 proposals and five initiatives to create the National Asset Recovery Network (Recupera), covering federal, state and district levels. .

One of the most significant proposals in the report is the creation of a standard model for the seizure, storage and custody of cryptocurrencies. This model should guide the police in crime-fighting operations. The objective is to ensure the safe and efficient handling of digital assets. Implementing this model is crucial given the increased use of cryptocurrencies by criminals to hide illicit activities and launder money.

Furthermore, this type of screening can inhibit crimes committed by public agents, for example. Recently, a public servant in Mato Grosso was arrested for using secretariat systems to sell drugs on the dark web using cryptocurrencies. This case exemplifies the challenges authorities face in tracking and combating the illegal use of digital assets.

Brazil reinforces fight against crime financing

The hiring of Techbiz Forense Digital by the MPF is a strategic step to improve the government’s ability to track and analyze cryptocurrency transactions. With the advanced technology offered by the company, the MPF will be able to identify suspicious patterns and carry out more detailed and effective investigations.

Furthermore, Techbiz specializes in digital forensics and investigation. Therefore, its expertise in several areas, including analyzing data on social networks and integrating information from multiple sources to build detailed profiles, will be fundamental to the success of cryptocurrency tracking operations.

In addition to the contract with Techbiz, the Brazilian government is exploring other initiatives to strengthen the fight against cryptocurrency fraud. However, collaboration between different levels of government and the integration of advanced technologies are essential steps to address these challenges in a coordinated and efficient manner.

The National Asset Recovery Network, proposed in the MJSP report, is an example of how interinstitutional cooperation can be structured to maximize results. Furthermore, the creation of standardized protocols for the handling of seized cryptocurrencies is also a measure that aims to increase the efficiency and security of crime fighting operations.

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