In a recent operation known as 'Niflheim', the Brazilian Federal Police targeted and dismantled a major cryptocurrency money laundering network involved in huge financial crimes. This operation was focused on three primary criminal organizations, leading to the freezing and seizure of assets worth around $1.58 billion. Since launching the investigation in 2021, these organizations have been accused of laundering up to $9.7 billion, with most of the funds originating from drug trafficking and smuggling activities. This large-scale enforcement action has shed light on the extensive use of cryptocurrencies in illegal transactions and sparked global discussions and reflections on cryptocurrency regulatory policies.