In a significant blow to organized crime finances, federal agents have seized over $10 million in cryptocurrency connected to the Sinaloa cartel.
This operation, conducted jointly by the DEA and FBI in Miami, successfully disrupted sophisticated money laundering channels used by the drug trafficking organization.
The seizure forms a key part of a widespread federal crackdown on drug cartels throughout the year. Since January, this initiative has also resulted in the confiscation of nearly 65,000 pounds of methamphetamine and over 201,500 pounds of cocaine.
DEA Acting Administrator Robert Murphy emphasized the operation’s importance, stating, “We remain committed to disrupting the networks and operations of cartels operating at the expense of our communities. This multi-pronged approach is vital to saving lives and dismantling criminal enterprises.”
The seizure underscores the increasing use of cryptocurrency in illicit finance and law enforcement’s evolving response. The US Secret Service has taken a leading role in this effort, having seized nearly $400 million in crypto assets related to criminal activity over the past decade.
Advancements in blockchain analytics technology are significantly enhancing authorities’ capabilities to track and disrupt intricate cryptocurrency money laundering schemes used by transnational criminal organizations.