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White House Issues Advisories Stating That Cryptocurrencies Are Being Used For Illegal Drug Trades

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The White House recently put out not one but two advisories that state fentanyl and synthetic opioids are being bought and sent around anonymously thanks to cryptocurrencies.

This news comes to us via CoinTelegraph, who state that the warnings went out to both financial institutions and cryptocurrency or digital payment exchanges and platforms. As of now, it seems that Bitcoin, Bitcoin Cash, Ethereum, and Monero are being used more than any other asset to do so:

“Individuals located in the United States search for fentanyl and identify potential websites that may provide the opportunity to purchase illicit drugs online. Foreign representatives will instruct the U.S.-based individual to send payments through CVC, such as bitcoin, bitcoin cash, ethereum, or monero.”

Both advisories also make note that the United States “is in the midst of an unparalleled epidemic of addiction and death.”

The publication also points out that some of these transactions could be “extremely useful to law enforcement.”

As of now, both advisories ask financial institutions and other spaces that handle cryptocurrencies to keep an eye out for this sort of thing and to send in information to the required space. This includes but isn’t limited to “virtual currency wallet addresses, account information, transaction details (including […] hash), relevant transaction history, available login information (including IP addresses), information obtained from analysis of the customer’s public online profile and communications, mobile device information.”

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Max Moeller

Cryptocurrency and games writer. Looking to the future by studying how these two industries can blend. LinkedIn: https://www.linkedin.com/in/maxwell-moeller-912044b4/