Skip to main content

OFAC’s Sanction Bucket Grows: BTC, TRX, and ETH Addresses Flagged Over Fentanyl Ties

The Office of Foreign Asset Control (OFAC) under the Treasury has released an updated version of the specially designated nationals (SDN) list, featuring multiple alleged fentanyl traffickers from China along with their associated cryptocurrency addresses. These highlighted crypto addresses are connected to decentralized networks such as Bitcoin, Ethereum, and Tron.

OFAC Targets Chinese Fentanyl Traffickers; Sanctions 17 Crypto Addresses

Continually broadening its database of crypto addresses linked to potential wrongdoers, OFAC identified 17 new addresses on October 3, 2023. Associated with blockchains like Bitcoin, Ethereum, and Tron, as well as digital assets like tether (USDT), these addresses were linked to a network of fentanyl suppliers primarily located in China but also connected to entities in Canada.

Chainalysis published a report on the topic, revealing that the addresses collectively received “$3.8 million worth of cryptocurrency.” Several individuals, including Bahman Djebelibak, Shen Xianbiao, Wang Jiantong, Zhang Wei, Xia Fengbing, and Wang Mingming along with the Canada-based company Valerian Labs, were sanctioned by OFAC.

According to Chainalysis’ study, Fengbing managed the crypto addresses for an organization called Jiangsu Bangdeya New Material Technology. The firm’s Reactor software found that the sanctioned addresses also had ties to numerous “mainstream exchanges.” Furthermore, a considerable portion of funds originated from darknet markets. This update follows OFAC’s recent sanctions on several BTC addresses allegedly related to Iran-linked ransomware activities.

In addition to the OFAC sanctions, the U.S. Department of Justice (DOJ) announced eight indictments against the ring of fentanyl, methamphetamine, and precursor chemical dealers. The indictments target the string of companies and individuals for openly advertising illicit chemical sales and using techniques to evade law enforcement. “We know that the global fentanyl supply chain, which ends with the deaths of Americans, often starts with chemical companies in China,” Attorney General Merrick Garland said.

What do you think about OFAC flagging 17 crypto addresses? Share your thoughts and opinions about this subject in the comments section below.



from Bitcoin News https://ift.tt/fbgxq4O
Labels:

Comments

Post a Comment

Popular posts from this blog

Mt Gox Creditors Updated, Trustee Says Rehabilitation Custodian Is ‘Currently Preparing to Make Repayments’

On August 31, 2022, the Mt Gox trustee Nobuaki Kobayashi explained in a recent letter that the rehabilitation custodian is “currently preparing to make repayments” to Mt Gox creditors. Trustee Updates Mt Gox Creditors — Repayment Date and Exchange Still Unknown Last week speculation and rumors concerning the release of 140K bitcoin ( BTC ) from Mt Gox littered social media platforms and headlines. Bitcoin.com News covered the situation six days ago as a number of people and Mt Gox creditors called the rumors “ fake news .” During that same period of time, a bitcoin whale transferred 10,000 BTC to unknown wallets, and a 2018 annotation , heuristics, and clustering methods show the funds likely originated from the June 2011 Mt Gox hacks. Following the mysterious whale transfer, last Wednesday, Mt Gox published an official update from the court trustee Nobuaki Kobayashi that explains the court is “currently preparing to make repayments” to creditors. Mt Gox creditors have been wait...
Post a Comment
Read more

Fidelity Discusses Bitcoin as Portfolio Insurance — Could Soon Stand in ‘Stark Contrast’ to Path Fiat Currencies Take

Fidelity Digital Assets, a subsidiary of Fidelity Investments, says that bitcoin could be considered portfolio insurance. The firm notes that the cryptocurrency “may soon stand in stark contrast to the path that the rest of the world and fiat currencies may take — namely the path of increased supply, additional currency creation, and central bank balance sheet expansion.” Fidelity Says Bitcoin Could Be Portfolio Insurance Fidelity Digital Assets, a subsidiary of Fidelity Investments, recently published a research study titled “The Rising Dollar and Bitcoin.” The research outlines “how bitcoin could be considered portfolio insurance” as the rising dollar impacts global currency markets. “The strengthening U.S. dollar is wreaking havoc among other countries and may put pressure on the Federal Reserve to soon reverse its tightening monetary actions, something that has precedent based on 1985’s Plaza Accord,” Fidelity explained. In addition, “more monetary debasement may be needed to ...
Post a Comment
Read more

Economists Discuss Russia, China Potentially Developing Gold-Backed Currency That Could Undermine US Dollar

Economists have weighed in on reports that China and Russia may be developing a new gold-backed currency that could undermine the U.S. dollar’s status as the world’s primary reserve currency. Russia and China May Be Developing Gold-Backed Currency Several experts have shared their views on Russia and China potentially creating a new gold-baked currency, Fox Business reported Saturday, emphasizing that China has been buying up huge quantities of gold while Russia was forced off the U.S. dollar due to sanctions imposed on the country following its invasion of Ukraine. The news outlet noted that some experts have cautioned that these moves, along with the closer relationship that has developed between Moscow and Beijing, point to the likelihood of China attempting to launch a gold-backed currency. However, neither Russia nor China has officially confirmed plans for such a currency. Craig Singleton, senior fellow at the Foundation for Defense of Democracies and a former U.S. diplomat,...
Post a Comment
Read more