Chainalysis says cartel money laundering, Chinese-language networks and Russian sanctions evasion are the three main sources behind the concentration.
Illicit crypto activity tied to Brazilian exchanges is highly concentrated, with 80% of those inflows passing through just five addresses, according to Chainalysis. The blockchain analytics firm said the main sources are cartel money laundering, Chinese-language networks and Russian sanctions evasion. The finding points to a small number of key transaction hubs shaping a large share of suspicious flows into the country’s exchange ecosystem, a pattern that could sharpen compliance monitoring and enforcement efforts.