Shocking Report: Chinese Fentanyl Sellers Rake in $27M+ in Cryptocurrency Payments

Shocking Report: Chinese Fentanyl Sellers Rake in $27M+ in Cryptocurrency Payments


Chinese chemical producers supplying fentanyl precursors accept cryptocurrencies like Bitcoin and Tether as payment, with transactions totaling just over $27 million, according to a report by blockchain analytics firm Elliptic.

Chinese chemical producers selling fentanyl ingredients have received greater than $27 Million in cryptocurrency payments.

Reports by a new report by blockchain tech analytics company Elliptic, approximately 90 percent of Chinese pharmaceutical chemical corporations supplying fentanyl precursors accept digital currencies like Bitcoin (BTC) and Tether (USDT) as a form of payment.

The report revealed that most of the Chinese labs supplying fentanyl ingredients used accounts at “ 3 specific exchanges” based outside of China, which were unnamed in the report. 

After analyzing the digital currency wallets used by these corporations, Elliptic revealed that they have received thousands of payments totaling just over $27 Million and that the number of “transactions has increased by 450 percent year-on-year.”

“$27 Million would buy enough precursor to produce fentanyl pills with a street value of approximately $54 billion,” the company said. 

“Elliptic researchers received offers from greater than 90 China-based corporations to supply fentanyl precursors, 90 percent of which accepted digital currency payments.”

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. 

Nonetheless, fentanyl is likewise made and used illegally as a recreational drug as a result of its powerful effects on the body. 

The illegal version of fentanyl is manufactured in clandestine laboratories and is sold on the black market in numerous forms, including powder, pills, and a patch. Fentanyl is highly addictive and can cause serious, life-threatening respiratory complications, especially when taken in large doses.

Most Fentanyl Sent to the United States Comes From Chinese Suppliers

Elliptic stated numerous suppliers have admitted that they have shipped fentanyl precursors and the drug itself to Mexico, where most of the fentanyl that flows into the  United States comes from.

“Most fentanyl trafficked into the  United States is manufactured using precursors imported from Chinese suppliers,” the blockchain tech analytics company added.

In 2021, the United States recorded greater than 106,000 drug overdose deaths, of which synthetic opioids were involved in around 70,600, according to research from the National Institutes of Health.

Fentanyl overdoses are likewise the leading cause of death between Americans aged 18 to 45 years old, Elliptic noted.

The company detailed that it identified greater than 80 China-based corporations that offered to ship fentanyl precursors abroad in exchange for cryptocurrencies. 

“Seventeen of the enterprises even offered to provide fentanyl itself,” the report continued. 

“Others offered to provide other synthetic opioids even more potent than fentanyl, but that are as of now legal to produce and sell in China.”

The sale of dangerous opioids like fentanyl using digital currencies comes as even some dark-web markets like Silk Road and successors like AlphaBay and Hydra have imposed bans on the drug owing to its excessive harm to customers. 

Source

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