{"id":26733,"date":"2023-06-23T20:40:36","date_gmt":"2023-06-24T00:40:36","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/crypto\/fentanyl-ingredients-sold-for-crypto-by-chinese-labs\/"},"modified":"2023-06-23T20:40:37","modified_gmt":"2023-06-24T00:40:37","slug":"fentanyl-ingredients-sold-for-crypto-by-chinese-labs","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=26733","title":{"rendered":"Fentanyl Ingredients Sold for Crypto by Chinese Labs"},"content":{"rendered":"<div>\n<p><strong>Chinese<\/strong>\u00a0chemical producers are accepting cryptocurrency as payment for\u00a0<strong>fentanyl\u00a0<\/strong>ingredients they sell to drug organizations worldwide.<\/p>\n<p>Researchers at crypto analytics platform\u00a0<strong>Elliptic<\/strong>\u00a0have found over 90 Chinese chemical companies that sold fentanyl precursor chemicals and advertised their products on the open web, 90% of which offered to accept payment in cryptocurrencies like\u00a0<strong>Bitcoin (BTC)<\/strong>\u00a0and\u00a0<strong>Tether (USDT)<\/strong>.<\/p>\n<p>&#8220;Many of these businesses were also willing to supply fentanyl itself, despite this being banned in China since 2019,&#8221; the company\u00a0said in a recent report.\u00a0<\/p>\n<p>The report revealed that most of the Chinese labs providing fentanyl ingredients used accounts at \u201cthree specific exchanges\u201d based outside of China, which were unnamed in the report.\u00a0<\/p>\n<p>After analyzing the cryptocurrency wallets used by these companies, Elliptic revealed that they have received thousands of payments totaling just\u00a0over $27 million\u00a0and that the number of &#8220;transactions has increased by 450% year-on-year.&#8221;<\/p>\n<p>Elliptic said multiple suppliers have admitted that they have shipped fentanyl precursors and the drug itself to\u00a0<strong>Mexico<\/strong>,\u00a0where most of\u00a0the fentanyl that flows into the United States comes from.<\/p>\n<p>\u201cMost fentanyl trafficked into the United States is manufactured using precursors imported from Chinese suppliers,\u201d the blockchain analytics firm added.<\/p>\n<p>Similarly, a\u00a0separate report\u00a0from blockchain analysis firm\u00a0<strong>Chainalaysis<\/strong>\u00a0revealed that cryptocurrency addresses associated with suspected China-based fentanyl precursor sellers have received more than $37.8 million worth of cryptocurrency since 2018.<\/p>\n<p>The report detailed that Latin America-based crypto users were most involved in Fentanyl transactions, estimating that they have sent nearly $3.6 million worth of cryptocurrency to China-based chemical shops.<\/p>\n<h2>US Regulators Call Out Role of Crypto in Fentanyl Trades<\/h2>\n<p>Last month, US Senator\u00a0<strong>Elizabeth Warren\u00a0<\/strong>called out cryptocurrency\u2019s role in fentanyl drug\u00a0transactions and pushed for her bill to combat money laundering during a congressional hearing.<\/p>\n<p>The Massachusetts Democrat, and longstanding crypto critic, said her bill, the Digital Asset Anti-Money Laundering Act, will close loopholes \u201cin our anti-money laundering rules and cuts off drugs suppliers and cartels from using crypto to fuel their illegal business.\u201d\u00a0<\/p>\n<p>\u201cCrypto is helping fund the fentanyl trade. And we have the power to shut that down. It&#8217;s time,\u201d Warren added during a Senate Banking Committee hearing.<\/p>\n<p>Fentanyl is a synthetic opioid pain reliever that is similar to morphine but is up to 100 times more potent. It is prescribed by doctors to treat severe pain such as that experienced by cancer patients.\u00a0<\/p>\n<p>However, fentanyl is also made and used illegally as a recreational drug because of its powerful effects on the body.\u00a0<\/p>\n<p>It has long been one of the most dangerous wares of the underworld cryptocurrency economy.\u00a0<\/p>\n<p>In 2021, the US recorded more than 106,000 drug overdose deaths, of which synthetic opioids were involved in around 70,600, according to\u00a0research\u00a0from the National Institutes of Health.<\/p>\n<p>In recent years, most dark-web markets have begun instituting bans on the drug due to both the harm the substance brings to customers and the accompanying law enforcement attention.<\/p>\n<\/p><\/div>\n<p>Read the full article <a href=\"https:\/\/cryptonews.com\/news\/fentanyl-ingredients-sold-for-crypto-by-chinese-labs.htm\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Chinese\u00a0chemical producers are accepting cryptocurrency as payment for\u00a0fentanyl\u00a0ingredients they sell to drug organizations worldwide. Researchers at crypto analytics platform\u00a0Elliptic\u00a0have found over 90 Chinese chemical companies that sold fentanyl precursor chemicals and advertised their products on the open web, 90% of which offered to accept payment in cryptocurrencies like\u00a0Bitcoin (BTC)\u00a0and\u00a0Tether (USDT). &#8220;Many of these businesses were [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":26734,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[243],"tags":[83],"class_list":["post-26733","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto","tag-featured"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Fentanyl Ingredients Sold for Crypto by Chinese Labs | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Chinese\u00a0chemical producers are 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