OFAC has taken action again, this time targeting drug lord’s crypto money laundering channels

BlockBeats News, May 21 — The U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) announced sanctions against two money laundering networks related to the Sinaloa Cartel, involving more than a dozen individuals and entities. One of the networks is accused of converting cash from fentanyl and other drug sales into cryptocurrency and transferring it to senior members of the Sinaloa Group in Mexico.

OFAC stated that the network engaged in money laundering through cash collection within the United States, cryptocurrency transfers, and dealings with Mexican brokers associated with the "Los Chapitos" faction. "Los Chapitos" is controlled by Ivan, the son of "El Chapo" Guzmán, and Alfredo Guzmán Salazar. The sanctioned individuals include Armando de Jesús Ojeda, who is suspected of being responsible for the money laundering network.