U.S. Department of Justice: Chinese companies and employees used cryptocurrency to distribute drugs

Odaily Planet Daily News The U.S. Department of Justice has recently taken action against a number of Chinese companies and their employees for producing and distributing drugs such as fentanyl and using cryptocurrency to hide identities and funds. The Justice Department said these Chinese companies and their employees involved in the production of fentanyl and methamphetamine and the distribution of synthetic opioids used a variety of tactics to evade law enforcement, including the use of transshippers in the United States, false labeling, fraudulent invoicing, False postage and disguised packaging. In addition, they often use cryptocurrencies to hide their identities and fund flows. Officials seized 1,000 kilograms of precursor chemicals related to fentanyl and tracked packages of the chemicals sent through the U.S. Mail. Chinese manufacturers ship these chemicals around the world, and then drug cartels and others mix them and distribute the drugs in the United States. The U.S. Attorney General stated that fentanyl is the leading cause of death among young people in the United States, and the government will take measures to cut off the drug supply chain, remove fentanyl from the community, and hold manufacturers and distributors accountable. Separately, other authorities have taken action against the use of cryptocurrencies to distribute drugs. In addition, U.S. lawmakers have introduced bills aimed at bringing cryptocurrencies within the scope of compliance by strengthening anti-money laundering and KYC regulations to combat money laundering and drug smuggling. (The Block)