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OFAC Sanctions Crypto Wallets Linked to Fentanyl Production

The U.S. Office of Foreign Assets Control (OFAC) has imposed sanctions on crypto wallets associated with alleged fentanyl production networks in China. The move is part of a broader crackdown on illicit drug activities involving cryptocurrency transactions.

The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) has taken action against crypto wallets linked to individuals and companies accused of being involved in the production of fentanyl. This comes as the U.S. Justice Department announced indictments against several China-based chemical manufacturers and their employees, who are alleged to have used cryptocurrency transactions in an illegal fentanyl precursor distribution scheme. The use of cryptocurrency was aimed at concealing identities and fund movements.

The sanctions list includes crypto wallets associated with Tron (TRX) and Chinese nationals, as well as companies like Hanhong Pharmaceutical Technology and Hebei Crovell Biotech. Deputy Treasury Secretary Wally Adeyemo emphasized that the blocked wallets received millions of USD funds over numerous deposits, underscoring the operation’s scale.

This move by OFAC reflects the U.S. government’s commitment to disrupting illicit drug networks, particularly given the alarming number of fentanyl-related deaths in the country. It also raises questions about the intersection of cryptocurrency and illegal activities, an issue that has gained attention from lawmakers.

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