Attempts by Chinese Companies to Traffick Drugs to the USA Using Cryptocurrencies: Strict Measures from the Government

Justice Department officials stated that they will take strict measures after disclosing that Chinese-based companies and individuals are using cryptocurrencies to conceal funds in drug trafficking to the USA.

The United States Department of Justice has revealed that Chinese-based companies and employees are using cryptocurrencies in drug distribution. The Department announced that it is monitoring these companies and individuals in connection with the production of fentanyl, methamphetamine, synthetic opioid distribution, and precursor chemicals sales.

Companies and Some Individuals Monitored for Fentanyl Production

The U.S. Department of Justice emphasized the use of cryptocurrencies to conceal identities and funds, stating that they have been tracking these companies and individuals for a long time. They also mentioned that several Chinese-based companies and employees are being monitored for fentanyl production and distribution.

It is reported that Chinese chemical companies are attempting to evade legal sanctions by using methods such as fake return labels, counterfeit invoices, false postage fees, and concealing package contents, often using U.S. shipping companies.

Using Cryptocurrency to Transport Smuggling Funds to the U.S.

Additionally, the United States Department of the Treasury’s Office of Foreign Assets Control (OFAC) had imposed sanctions, revealing that José Jimenez Castro, a member of the Sinaloa Cartel, had used an Ethereum cryptocurrency wallet to transport funds related to fentanyl smuggling into the U.S. You can read more details about the news in our article below.

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