Data from blockchain analytics firm Elliptic has revealed that Chinese fentanyl precursors have received more than $27 million in crypto payments.
“Most fentanyl smuggled into the United States is produced using intermediates imported from Chinese suppliers,” Elliptic data said.
Chinese Fentanyl Pioneers Receive Payments in Cryptocurrency
The elliptical-identified crypto wallets are allegedly owned by Chinese companies producing fentanyl precursors that have received more than $27 million in crypto payments.
According to a new report from Elliptic, its researchers have received offers from dozens of “China-based companies to procure fentanyl precursors.” However, 90 percent of companies said they accept cryptocurrency payments. The report also stated that fentanyl flowing into the United States is coming.
Blockchain analytics firm made the following statements in its statements:
“Most fentanyl smuggled into the United States is made using precursors imported from Chinese suppliers.”
The report, published on Elliptic’s website, suggested that wallets from Chinese companies that produce the chemicals needed to create the dangerous narcotic fentanyl “received thousands of cryptocurrency payments”, with the total number “increasing 450 percent year over year.”
