US Sanctions Sinaloa Cartel Crypto Laundering, Venezuela Shuts Down Mining Farm

US Sanctions Sinaloa Cartel Network for Laundering Drug Profits Through Cryptocurrency

On Wednesday, the U.S. government Office of Foreign Assets Control (OFAC) sanctioned six individuals and two companies due to their involvement in a money laundering scheme for the Sinaloa cartel, one of the largest drug-trafficking organizations linked to the fentanyl flows entering the country.

Armando de Jesus Ojeda Aviles is the head of this network, which also includes Jesus Alonso Aispuro Felix, Rodrigo Alarcon Palomares, Alfredo Orozco Romero, Amalia Margarita Romero Moreno, and Liliana Orozco Romero. Security company Grupo Especial Mamba Negra and Gorditas Chiwas, a Mexican restaurant based in Chihuahua, were also designated.

The designated are accused of organizing a scheme to collect bulk cash deliveries, a product of the sales of illicit drugs such as tentanyl, methamphetamine, and cocaine, including processing them and converting them into cryptocurrency to be sent to the Sinaloa Cartel in Mexico.

Venezuelan Government Shuts Down 4,000 ASIC Mining Farm

Venezuelan authorities found and dismantled a cryptocurrency megafarm with 4,000 ASICs, estimated to consume up to 10,000 MW, causing severe impact and structural damage to the energy infrastructure in the state of Aragua.

The operation, which had the collaboration of the intelligence police (CICPC), follows several measures the Venezuelan government is taking, upholding a prohibition on crypto mining operations. Venezuela’s energy consumption reached a 9-year high as an ongoing heat wave has hit the deteriorated power grid, causing blackouts affecting the general population.

Brazil’s Banking Giant Bradesco Enters the Crypto Custody Race

Bradesco, the second-largest bank in Brazil with over 5,300 branches, announced last week that it will enter the cryptocurrency custody business, enlisting an undisclosed partner.

Renata Petrovic, head of innovation at the bank, revealed that the bank had internally created a structure focused on digital assets and that these custody solutions would be provided for the entire cryptocurrency spectrum.

“We are preparing to have a digital asset custody business; we already have a partner who will work with us, providing comprehensive custody for all assets, including tokens, crypto, and stablecoins,” Petrovic stated.