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US Treasury sanctions crypto wallets as authorities crack down on fentanyl
TURNER WRIGHT
OCT 03, 2023

According to Deputy Treasury Secretary Wally Adeyemo, the sanctioned wallets “received millions of USD funds over hundreds of deposits” used for illicit drugs.

The Office of Foreign Assets Control (OFAC) of the United States Department of the Treasury has sanctioned crypto wallets allegedly connected to individuals and companies involved in producing fentanyl.

In an Oct. 3 notice, the U.S. Justice Department announced indictments against several China-based chemical manufacturers, as well as many of their employees who allegedly used crypto transactions as part of an illegal fentanyl precursor distribution scheme. According to the U.S. authorities, the companies “tend to use cryptocurrency transactions to conceal their identities and the location and movement of their funds,” identifying at least three individuals who held crypto wallets for payments.

OFAC added wallets for Bitcoin BTC, ETH, USDC, USDT, TRX connected to Chinese nationals and Valerian Labs to its list of Specially Designated Nationals along with companies, including Hanhong Pharmaceutical Technology and Hebei Crovell Biotech. According to Deputy Treasury Secretary Wally Adeyemo, the enforcement action was aimed at disrupting an illicit drug network.

‘[W]e have identified and blocked over a dozen virtual currency wallets associated with these actors,” said Adeyemo. “The blocked wallets, which received millions of USD funds over hundreds of deposits, illustrate the scope and scale of the operation targeted today.”

Many lawmakers have urged action on cracking down on the distribution of fentanyl in the U.S., where the drug was estimated to be responsible for more than 67,000 deaths in 2021. Massachusetts Senator Elizabeth Warren — an outspoken critic of digital assets — called out potential links between crypto payments and drug trafficking in a May hearing.

The first week in October also marked the 10th year in prison for Ross Ulbricht, the founder of the online marketplace Silk Road. Many criticized the platform for facilitating the drug trade by allowing payments with digital assets, but Ulbricht still has his supporters in the crypto space.

https://cointelegraph.com/news/us-treasury-sanctions-crypto-wallets-fentanyl

IF the Biden Administration really cared about stopping deaths to U.S. Citizens by fentanyl, wouldn't they close our southern border?!