Sinaloa Cartel Ethereum Wallet Sanctioned By US Treasury For Illegal Money Laundering

Key Points:

• US Treasury sanctions 10 tied to a Sinaloa Cartel Ethereum wallet with fentanyl funds.
• Jimenez Castro ran a money laundering operation, transferring profits from US fentanyl sales to Cartel leaders.
• Sinaloa Cartel Ethereum wallet received $740,000; sanctions target the Los Chapitos faction in drug trafficking.

In a recent move, the US Treasury Department’s Office of Foreign Assets Control (OFAC) has slapped sanctions on 10 individuals, exposing their involvement with the notorious Sinaloa Cartel’s illicit activities.

US Treasury Imposes Sanctions on Sinaloa Cartel Ethereum Wallet

This multinational criminal organization has allegedly been using an Ethereum wallet to facilitate the transfer of funds connected to fentanyl smuggling into the United States.

Among the individuals singled out for sanctions is Jimenez Castro, believed to operate a money laundering network leveraging virtual currency and wire transfers to funnel profits to Sinaloa Cartel leaders. OFAC’s list of sanctioned individuals was part of a broader counter-narcotics operation, with Jimenez Castro’s name featuring featured.

The US Treasury, in a press release, detailed how Jimenez Castro’s money laundering organization utilized various methods, including virtual currencies and wire transfers, to transport the proceeds from the sale of illicit fentanyl within the United States to high-ranking Sinaloa Cartel figures in Mexico.

Ethereum Wallet Reveals Illicit Fentanyl Fund Transfers

The Sinaloa Cartel Ethereum wallet, which played a central role in these transactions, became active in January of this year. Data from Arkham reveals that it received approximately $740,000 in deposits within a two-month timeframe, mainly routed through Binance.

Notably, the Treasury Department identified the Los Chapitos faction of the Sinaloa Cartel as a major player responsible for a significant portion of the illicit fentanyl and other dangerous narcotics traffic into the United States.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.