Government fears are coming true, digital assets are now used to finance illegal actions. In its fight against drug trafficking, OFAC decides to reveal the crypto addresses behind these actions which go against the law.
OFAC highlights addresses involved in drug trafficking
Drug trafficking sows terror in many cities and the fight has been going on for years. Illegal activities continue as digital assets gain ground. But governments have not said their last word. In the United States, law enforcement is sparing no effort to put an end to it.
With this in mind, the Office of Foreign Assets Control (OFAC) has undertaken to to unveil to the general public crypto addresses involved in the manufacture of fentanyl and other drugs in China. On October 3, the US Treasury watchdog imposed sanctions against several individuals and companies involved in drug trafficking.
Among others: Shen Xianbiao, co-owner of Jinhu Minsheng Pharmaceutical Machinery, based in China, Zhang Wei, CEO of Hebei Crovell Biotech, Valerian Labs, a Canadian chemical manufacturing company and many others.
These entities constitute a drug trafficking network that operates in China. Following an investigation, the US Department of Justice indicted some of them, but OFAC went even further. By disclosing these addresses, he hopes to put an end to the transactions carried out by them and limit the damage, even if this will not end the scourge.
The growth of the sector works with its ups and downs
Since the media coverage of digital assets, everyone uses them to achieve their ends. While some take advantage of the earning potential of the crypto sector, others use it to cover their illegal activities. Between drug trafficking and money laundering, the crimes keep coming.
In fact, the addresses involved possess no less than 3.8 million dollars, representing a considerable quantity of drugs. These sanctions mark a big step in the fight against money laundering.
However, it is important to note that digital assets are primarily a means of investment peer to peer. So, it would be inappropriate to make a generalization out of one case and this is what pro-crypto people like CZ, Michael Saylor and many others defend.
OFAC’s fight against China’s drug trafficking network is proof that crypto is not the escape route for illegal activities. Although the sector is decentralized, we must keep in mind that the sector reflects what we do with it.
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