US Treasury Department Examining Cartel Members’ Ethereum Wallets

The US Department of the Treasury has announced that Ethereum wallets have been used to facilitate the transfer of funds associated with smuggling into the United States.

The US Department of the Treasury’s Office of Foreign Assets Control has disclosed that José Jimenez Castro, a member of the Sinaloa Cartel, used an Ethereum cryptocurrency wallet to transfer funds associated with fentanyl smuggling into the United States.

It is known that Jimenez Castro operated a money laundering operation, utilizing both cryptocurrency and bank transfers to send proceeds to Sinaloa Cartel leaders.

“Jimenez Castro instructed US-based couriers to receive cash from the United States and deposit it into various virtual currency wallets for direct payments to Chapito and reinvestment in fentanyl production.”
The US Treasury Department

The revelation of major drug cartels like the Sinaloa Cartel being involved in the smuggling of such substances underscores the continued commitment of the US Treasury to implementing stricter measures against such activities.

The pursuit of Jimenez Castro’s Ethereum wallet highlights concerns about cryptocurrencies being associated with criminal activities and used in money laundering operations, reigniting discussions on this issue.

Source: The Block

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