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U.S. Sanctions Highlight Crypto’s Role in Drug Trafficking Network

Published 10/06/2023, 09:55 PM
Updated 10/06/2023, 10:15 PM
U.S. Sanctions Highlight Crypto’s Role in Drug Trafficking Network
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  • On October 3, 2023, the U.S. Treasury’s Office of Foreign Assets Control (OFAC) imposed sanctions.

  • These sanctions targeted individuals and companies involved in manufacturing and distributing dangerous drugs, including fentanyl and precursor chemicals.

  • Notably, the sanctions also extended to cryptocurrency addresses associated with the sanctioned entities.

The U.S. Treasury’s Office of Foreign Assets Control (OFAC) announced sanctions on October 3, 2023. The sanctions targeted several individuals and companies involved in the manufacturing and distribution of dangerous drugs, including fentanyl and precursor chemicals. Notably, these sanctions also extended to cryptocurrency addresses associated with the sanctioned entities.

Blockchain analytics firm Chainalysis published a report analyzing cryptocurrency activity related to recent US sanctions against a China-based drug trafficking network.

The post U.S. Sanctions Highlight Crypto’s Role in Drug Trafficking Network appeared first on Coin Edition.

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