• Press Releases
    • Submit a press release
    • Read All
  • Contact us
Advertise
Bitcoinist.com
Buy Neo Pepe
No Result
View All Result
🚀 BUY NEO PEPE PROTOCOL 🚀
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
    • Price
      • Bitcoin Price
      • Ethereum Price
      • Binance Coin Price
      • Litecoin Price
  • Industry
    • Industry News
    • Press Releases
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • How to do Crypto Gambling
      • Crypto Casinos
        • Ethereum Casinos
        • Solana Casinos
        • LiteCoin Casinos
        • DogeCoin Casinos
        • Live Crypto Casinos
        • New Casinos
        • Instant Withdrawal Casinos
        • Cash App Casinos
        • No KYC Casinos
        • VPN Casinos
        • Offshore Casinos
          • Crypto Casinos IT
          • Crypto Casinos ES
            • All Guides
          • Crypto Casinos JP
          • Crypto Casinos SG
          • Crypto Casinos MY
          • Crypto Casinos KR
          • No GAMSTOP Casinos in UK
          • No Cruks Casinos NL
      • Crypto Betting
        • No ID sportsbooks
    • Play Crypto Games
      • Crypto Poker
      • Crypto Slots
      • Crypto Blackjack
      • Crypto Crash Gambling
        • Aviator Sites
      • Plinko
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Events
  • Play Games
Breaking News: Commerce Department To Release Blockchain Statistics, Says Lutnick
🚀 BUY NEO PEPE PROTOCOL 🚀
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
    • Price
      • Bitcoin Price
      • Ethereum Price
      • Binance Coin Price
      • Litecoin Price
  • Industry
    • Industry News
    • Press Releases
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • How to do Crypto Gambling
      • Crypto Casinos
        • Ethereum Casinos
        • Solana Casinos
        • LiteCoin Casinos
        • DogeCoin Casinos
        • Live Crypto Casinos
        • New Casinos
        • Instant Withdrawal Casinos
        • Cash App Casinos
        • No KYC Casinos
        • VPN Casinos
        • Offshore Casinos
          • Crypto Casinos IT
          • Crypto Casinos ES
            • All Guides
          • Crypto Casinos JP
          • Crypto Casinos SG
          • Crypto Casinos MY
          • Crypto Casinos KR
          • No GAMSTOP Casinos in UK
          • No Cruks Casinos NL
      • Crypto Betting
        • No ID sportsbooks
    • Play Crypto Games
      • Crypto Poker
      • Crypto Slots
      • Crypto Blackjack
      • Crypto Crash Gambling
        • Aviator Sites
      • Plinko
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Events
  • Play Games
Bitcoinist.com
No Result
View All Result
Breaking News: Commerce Department To Release Blockchain Statistics, Says Lutnick
crypto

Crypto’s Massive Role In Fatal Fentanyl Trade Revealed In New DOJ Statement

Christian Encila
by Christian Encila
1 year ago
·
Posted in Crypto News
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Cryptocurrencies have taken center stage in a significant crackdown on the illicit production and distribution of fentanyl and methamphetamine. In a significant move against the illicit production of these dangerous drugs, the Department of Justice (DOJ) has unsealed eight indictments. 

The indictments also encompassed crimes associated with the sale of precursor chemicals, shining a light on the multifaceted nature of the illegal drug trade. 

What sets this operation apart is the integration of cryptocurrency into the criminal enterprise, allowing wrongdoers to conceal their identities and obscure financial trails.

Related Reading: A Crypto Recession Looming? Commodity Strategist Raises The Red Flag

Cryptocurrency’s Role In The Illicit Drug Trade

The Department of Justice revealed that the individuals involved in these criminal activities had adopted various payment methods, with cryptocurrency emerging as a key facilitator.

Cryptocurrencies offered anonymity and provided a cloak for money laundering, making it exceedingly difficult for law enforcement agencies to trace the flow of funds. As a result, the use of crypto transactions became a critical tool for these criminals to further their activities.

The Office of Foreign Assets Control (OFAC) of the United States Treasury has responded to this emerging threat by imposing sanctions on cryptocurrency wallets allegedly linked to individuals and companies implicated in the production of fentanyl. 

Total crypto market cap reaches $1.06 trillion today. Chart: TradingView.com

Among those targeted were Chinese nationals and the company Valerian Labs, alongside prominent entities like Hanhong Pharmaceutical Technology and Hebei Crovell Biotech. The move was part of a broader effort to disrupt the illicit drug network and strike a blow against those profiting from these harmful substances.

Deputy Treasury Secretary Wally Adeyemo elaborated on the action, stating:

 “[W]e have identified and blocked over a dozen virtual currency wallets associated with these actors.” 

These wallets, which had received millions of USD through numerous deposits, underscored the extensive scale of the operation under scrutiny. Notably, while crypto addresses belonging to Du Changgen, identified as the leader of the criminal drug syndicate, were not included in the sanctions list, the Treasury imposed sanctions on him personally, further intensifying the pressure on the illicit network.

Related Reading: Bitcoin Vs. Ethereum: Trader Who Navigated May 2021 Crash Predicts The Winner

Vulnerabilities Exposed

This recent action by the DOJ and OFAC comes on the heels of a previous crackdown in June, where similar measures were taken against Chinese fentanyl companies that had also employed cryptocurrency payments in their operations. 

Justice Department Announces Eight Indictments Against China-Based Chemical Manufacturing Companies and Employeeshttps://t.co/f37okHaa6z

— Justice Department (@TheJusticeDept) October 3, 2023

The issue of cryptocurrencies in illicit drug trade gained national attention when blockchain analysis firm Elliptic flagged it in June 2023. This prompted US Senator Elizabeth Warren to call for decisive action later that same month.

The use of digital assets in facilitating illegal activities poses a significant challenge for law enforcement agencies, as the technology continues to evolve.

The government’s actions against these cryptocurrency wallets signal a clear intent to disrupt the financial infrastructure supporting the illicit drug trade and underscore the urgency of addressing this issue in the evolving landscape of digital finance.

Featured image from iStock

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.
Christian Encila

Christian Encila

Follow

Christian, a journalist and editor with leadership roles in Philippine and Canadian media, is fueled by his love for writing and cryptocurrency. Off-screen, he's a cook and cinephile who's constantly intrigued by the size of the universe.

Full Profile

Related Posts

Gemini

Crypto Exchange Gemini Sets Sights On $2.3 Billion Valuation As IPO Approaches

59 minutes ago
fortune-crypto-chatgpt5-x1000

Faire fortune en crypto ? ChatGPT 5 relance le x1000

7 hours ago
acheter-token6900-avant-claim

Dernières 24h pour acheter TOKEN6900 avant le claim !

8 hours ago
El Salvador

El Salvador Breaks Ground With 1st Government Bitcoin Event

9 hours ago
starknet-panne-ethereum-redemarrage-apres-arret

Panne Starknet : le L2 d’Ethereum repart après 4h d’arrêt

16 hours ago
Next Crypto to Explode Live News Today: Timely Insights for Chart Sniffers (September 2)

Next Crypto to Explode Live News Today: Timely Insights for Chart Sniffers (September 2)

14 hours ago

Premium Sponsors

Press Releases

  • Top 5 Most Profitable ASIC Miners in 2025: ROI Comparison

    10 hours ago
  • Bitget to Transfer 440 Million BGB to Morph Foundation...

    10 hours ago
  • From Institutional to Individual Investors: How XRP and...

    11 hours ago
  • Despite XRP price fluctuations, Mint Miner lets holders...

    11 hours ago
  • CryptoMiningFirm Launches First XRP, BTC Mobile App: Earn...

    14 hours ago

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Buy Neo Pepe

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

About Us

  • Advertise
  • Contact us
  • Editorial Policy
  • Privacy Policy
© 2025 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
    • Price
      • Bitcoin Price
      • Ethereum Price
      • Binance Coin Price
      • Litecoin Price
  • Industry
    • Industry News
    • Press Releases
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • How to do Crypto Gambling
      • Crypto Casinos
      • Crypto Betting
    • Play Crypto Games
      • Crypto Poker
      • Crypto Slots
      • Crypto Blackjack
      • Crypto Crash Gambling
      • Plinko
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Events
  • Play Games
Advertise

© 2025 Bitcoinist. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.