OFAC Blacklists Chinese National's Crypto Addresses for Illicit Cryptocurrency Transactions

OFAC Blacklists Chinese National's Crypto Addresses for Illicit Cryptocurrency Transactions

Blockchain security firm SlowMist's MistTrack platform reported that the US Department of the Treasury's Office of Foreign Assets Control (OFAC) has blacklisted the cryptocurrency addresses of Yunhe Wang, a Chinese national who stole over 19 million individual IP addresses and resold cryptocurrency. Wang holds 49 addresses, including 46 BTC addresses, 1 ETH address, 1 LTC address, and 1 TRX address. In addition, he is suspected of holding 21 cold wallet BTC addresses and is currently known to hold 2,022.2 BTC (worth $130 million). OFAC's action is a significant step in combating illicit cryptocurrency transactions and protecting the integrity of the financial system. It sends a clear message that those who engage in such activities will be held accountable. Additional Information OFAC is responsible for administering and enforcing economic and trade sanctions against countries and individuals who pose a threat to US national security or foreign policy interests. Cryptocurrency has become a popular target for illicit actors due to its anonymity and ease of transfer. * The MistTrack platform is a powerful tool for tracking and analyzing cryptocurrency transactions. It can help identify suspicious activity and prevent illicit funds from entering the financial system.