Chinese Fentanyl Chemical Vendors Now Accept Bitcoin and Tether

Chinese Fentanyl Chemical Vendors Now Accept Bitcoin and Tether

Chinese companies selling fentanyl precursors are taking large sums of cryptocurrency payments, primarily in bitcoin and tether, according to blockchain analytics startup Elliptic, highlighting the difficulties law enforcement has in preventing the use of cryptocurrency in illegal transactions.

Blockchain Tech analytics startup Elliptic realized  that Chinese corporations selling fentanyl precursors take large sums of digital currency payments, primarily in Bitcoin (BTC) (BTC) and tether (USDT). 

This information underscores the difficulties law enforcement has in the digital era in preventing the use of digital currency in illegal transactions.

Reports by the company, over 90 percent of the Chinese enterprises polled by Elliptic that deal in fentanyl precursors accept digital currencies as payment. Several of these enterprises likewise provide the ingredients to make other synthetic opioids, such as amphetamines and methamphetamines.

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There has been a dramatic boost in the number of transactions involving these enterprises, with over $27 Million in digital currency sent to wallets connected to chemical suppliers.  Money like this can potentially buy the fentanyl precursors required to make tablets with a $54 Billion street value.

Bitcoin (BTC) payments comprised 66 percent of the total, with tether transactions on the Tron network making up 21%. Additionally, 13 percent of all payments were created using tether transfers on the Ethereum (ETH) network, whereas just 1 percent was done via any other digital currency.

Elliptic has uncovered these illegal endeavors and notified digital currency exchanges of the participation of specific digital currency wallets. The goal is to increase transparency and safeguard the Bitcoin (BTC) market against money laundering.

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In China, fentanyl precursors are often purchased using Bitcoin (BTC), highlighting the persistent difficulty of stopping illegal activity online.


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