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 <p class="is-style-lead">The U.S. Department of Justice (DOJ) has unveiled eight indictments against Chinese companies and their employees involved in making and distributing potent synthetic opioid <a rel="noopener noreferrer nofollow" title="fentanyl" href="https://thebittimes.com/tag/fentanyl.html">fentanyl</a>.</p>
 <p>According to the justice department, these companies may have used cryptocurrency, along with other payment methods, to conceal their identities and financial transactions.</p>
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    <p lang="en" dir="ltr">Justice Department Announces Eight Indictments Against China-Based Chemical Manufacturing Companies and Employeeshttps://t.co/f37okHaa6z</p>— Justice Department (@TheJusticeDept) October 3, 2023
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 <p>Two individuals, Qingsong Li and Chunhui Chen, linked to Hebei Shenghao Import and Export Company, were found to hold wallets used for remittances related to precursor chemicals.</p>
 <p>Another individual, Wei Zhang, associated with Hubei Guanlang Biotechnology Company, allegedly operated a <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> wallet facilitating transactions for <a rel="noopener noreferrer nofollow" title="fentanyl" href="https://thebittimes.com/tag/fentanyl.html">fentanyl</a> precursors and opioid additives.</p>
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 <p>The Treasury’s Office of Foreign Assets Control (OFAC) also imposed sanctions on several parties involved in these drug transactions. The list included a total of 19 <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> addresses holding assets in Bitcoin (BTC), Ethereum (ETH), Tether (USDT), and Tron (TRX).</p>
 <p>The ban focused on 28 entities, with most <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> addresses linked to just five individuals tied to drug trade-affiliated companies.</p>
 <p>Notably, four of these addresses were from Valerian Labs, a Canadian company based in Vancouver.</p>
 <p>While the Treasury sanctioned Du Changgen, the leader of the criminal drug syndicate, his crypto addresses weren’t on the sanctions list.</p>
 <p>Earlier, blockchain firm Elliptic raised the issue, prompting calls for regulation by U.S. Senator Elizabeth Warren. In June, the DOJ acted against Chinese fentanyl companies that were using cryptocurrency payments.</p>
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  </svg> <span class="cn-block-related-link__prefix"> Read more: </span> Fentanyl ‘precursors’ made $32m in crypto last year, report says
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/u-s-doj-indicts-eight-chinese-firms-for-using-crypto-in-fentanyl-trade-tbt65103.html">https://thebittimes.com/u-s-doj-indicts-eight-chinese-firms-for-using-crypto-in-fentanyl-trade-tbt65103.html</a></p>

U.S. DOJ indicts eight Chinese firms for using crypto in fentanyl trade

TheBitTimes

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