The U.S. Department of Justice has charged China National Chemical Corporation with trafficking fentanyl precursor chemicals through cryptocurrency

2023-10-04 13:12:27

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ChainCatcher News, the U.S. Department of Justice announced the unsealing of eight indictments, accusing Chinese chemical manufacturing companies and employees of trafficking fentanyl precursor chemicals to the United States, stating that these Chinese chemical companies tend to use cryptocurrency transactions to conceal their identities as well as the location and movement of funds. In addition to the criminal charges, the U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) has added 19 related cryptocurrency wallet addresses to its drug-related sanctions list.

Previously, according to a research report titled "Cryptocurrency and Global Fentanyl Trafficking" published by Elliptic, there are 100 Chinese suppliers accepting cryptocurrency payments to sell fentanyl precursor chemicals, pill presses, and molds.

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