US Treasury sanctions crypto wallets as authorities crack down on fentanyl By Cointelegraph
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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 the production of 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 3 individuals who held crypto wallets for payments.
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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 the production of 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 3 individuals who held crypto wallets for payments.
Continue Reading on Coin Telegraph
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