Crypto payments to Chinese chemical suppliers are fueling US fentanyl epidemic.
Chinese suppliers of chemicals used solely to manufacture fentanyl are receiving tens of millions of dollars in cryptocurrency payments, fueling the ongoing fentanyl epidemic in the United States, according to a report by Elliptic.

Bitcoin and Tether are the most popular cryptocurrencies. Elliptic’s blockchain analysis tool has traced thousands of cryptocurrency payments to these chemical suppliers, totaling more than $27 million. The amount of cryptocurrency paid to these vendors has increased by a staggering 450% year-over-year.

In monetary terms, $27 million could buy enough precursor chemicals to produce fentanyl pills with a market value of $54 billion, potentially generating huge profits for finished product distributors.
Surprisingly, many of these businesses are willing to accept cryptocurrency payments. Cryptocurrency exchanges are banned in China, and overseas exchanges cannot serve Chinese residents. However, it appears that most chemical suppliers accepting cryptocurrency payments are using accounts on cryptocurrency exchanges outside of China, possibly with the assistance of intermediaries, to exchange cryptocurrencies into yuan. Elliptic’s report mentions three main exchanges being used, but does not name them.
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