The Treasury Department on Monday blocked the property of five Chinese entities tied to MiraclePlus, a Beijing startup accelerator and venture investor, using a law Congress wrote to punish the theft of American trade secrets. The Office of Foreign Assets Control posted the action on October 19, 2026. All property and interests in property of the five entities are blocked. U.S. banks may not lend them more than $10 million in any 12-month period. Americans may not buy significant amounts of their stock or debt. Their dollar and foreign-exchange transactions under U.S. jurisdiction are cut off.

That is the decision. The people who pay first are anyone in America with money in these funds.

Who was named

OFAC’s notice adds five entities to its Non-SDN Menu-Based Sanctions List. All list the same Beijing address, the sixth floor of No. 28 Chengfu Road in Haidian District, except one in Shanghai:

  • Qiji Chuangtan Beijing Investment Management Co. Ltd., listed with the alias MiraclePlus.
  • Beijing Qiji Chuangtan Phase I Venture Capital Center, listed as MiraclePlus RMB Fund I, established June 2020.
  • Beijing Qiji Chuangtan Phase II Venture Capital Center, listed as MiraclePlus RMB Fund II, established October 2022.
  • Beijing Qiji Chuangtan Zhiyuan Enterprise Management Center, established November 2019.
  • Shanghai Zhisuan Technology Co. Ltd., established October 17, 2023.

The fund entities are each listed as linked to the MiraclePlus management company.

What the sanctions do

The law gives the government a menu, and OFAC picked the same five items for every entity, each cited to Section 2(b)(1) of the statute:

  • Blocking. All property and interests in property are blocked and all transactions are prohibited, except the importation of goods.
  • Loans. U.S. financial institutions may not lend more than $10 million in any 12-month period.
  • Foreign exchange. Foreign-exchange transactions subject to U.S. jurisdiction in which the entity has any interest are prohibited.
  • Banking. Transfers of credit or payments through U.S. financial institutions involving the entity are restricted.
  • Investment. No U.S. person may invest in or buy significant amounts of the entity’s equity or debt.

That last item is the one that hits venture capital. A fund is a pool of other people’s money. OFAC issued a second general license on the same day, titled “Authorizing the Wind Down of Transactions Involving Certain Entities Blocked on October 19, 2026.” The title tells you what it is for: Americans tied to these entities get a door out. It does not let them stay.

The law behind it

The Protecting American Intellectual Property Act of 2022 became Public Law 117-336 on January 5, 2023. It requires the president to report to Congress, at least once a year, on any foreign person who “has knowingly engaged in, or benefitted from, significant theft of trade secrets of United States persons” when that theft threatens national security, foreign policy, or the economic health or financial stability of the United States. It also reaches anyone who provided “significant financial, material, or technological support” for that theft, entities acting on behalf of those people, and the chief executives and board members of those firms.

The OFAC notice itself lists names and penalties. It links to a Treasury press release titled “Imposing Sanctions to Protect Americans from Intellectual Property Theft.” The OFAC notice text we reviewed does not describe what was stolen, from whom, or which clause of the statute each entity falls under. The statute requires the president’s report to Congress to describe “the nature, objective, and outcome” of each theft. That report is where the evidence should be. The public should get to see it.

Why it matters

Monday’s action puts a venture investor and its funds on the list. It tells every American fund manager with exposure to Chinese early-stage companies that the trade-secret law is now a live investment risk. Washington picked the target. Investors carry the cost. And the evidence behind the decision still sits outside public view.