The U.S. Treasury has reportedly blocked the bitcoin addresses of Chinese “drug kingpins” in an effort to reduce the opioid crisis plaguing America.
U.S. Treasury Targets BTC Addresses
In an official press release published on Aug. 21 under the title “Treasury Targets Chinese Drug Kingpins Fueling America’s Deadly Opioid Crisis,” the government branch announced coordinated actions to bring “financial pressure” on the manufacturers and sellers of illegal opioids.
The Office of Foreign Assets Control (OFAC) identified a group of Chinese “drug kingpins,” who were allegedly using bitcoin to launder some of their illicitly acquired funds. The money was transmitted into and out of banks in China and Hong Kong, with the criminals bypassing currency restrictions and reporting requirements.
According to the report,
The Chinese kingpins that OFAC designated today run an international drug trafficking operation that manufactures and sells lethal narcotics, directly contributing to the crisis of opioid addiction, overdoses, and death in the United States.
The OFAC targeted the bitcoin addresses of the two alleged drug traffickers, and also reports investigating associated addresses in an effort to “maximize disruption” of their financial activities.
The report claims that all property and interest in property tied to the individuals in the U.S. must be blocked and reported, which would include their participation in cryptocurrency.
